It makes a lot sense to tax the heck out windfall bank executive bonuses, and that’s what France and Great Britain are doing.

According to a story over at the Huffington Post, France is going to follow Britain’s lead in implementing a one-time 50 percent tax on bonuses given to bank executives.

In a Wall Street Journal opinion piece written by British Prime Minister Gordon Brown and French President Nicolas Sarkozy, the duo wrote:

We have also learned that when crises happen, taxpayers have to cover the costs. It is simply not acceptable for them to foot the bill for losses in a deep downturn, while institutions’ shareholders and employees enjoy all the gains as the economy recovers.

…

[W]e agree that a one-off tax in relation to bonuses should be considered a priority, due to the fact that bonuses for 2009 have arisen partly because of government support for the banking system.

But what’s the US doing to curb the unchecked greed running rampant in its banking system? Nothing.

The New York Times reported yesterday that Goldman Sachs decided that executives won’t get cash bonuses this year but stock instead.

Bowing to calls for restraint in tough economic times, Goldman said that its most senior executives would forgo cash bonuses this year. Instead, the 30 executives will be paid in the form of long-term stock — an arrangement that means they will not get big year-end paydays, but one that could turn out to be enormously lucrative if Goldman’s share price rises over time.

So they won’t get a huge pile of cash today, just an enormous pile of cash later when they sell their stock.