Will somebody please tell these clueless talking head financial "experts" who reject the President's $500,000 salary cap for those banks who receive taxpayer money to get a grip and come out of their alternative universe. Their fear is that the financial industry will not be able to draw top talent. Well, obviously these banks and board members are incapable of doing so.
Were the men who drove these banks into the ground top talent? (By the way, where were the women?) Why would bankers and board members now know how to draw top talent after receiving billions of dollars in bailout money, giving these CEOs from $3 million to $23 million dollars, plus millions in bonuses, for driving their banks into the ground?
Some say that these CEOs and board members have failed miserably. Some also say that they all should be fired and new board members selected, perhaps replaced by younger hungrier more idealist professionals with fresh ideas? $500,000 dollars is a good salary for shuffling paper. How much do doctors get for saving lives?
2 comments:
Ho Judith! Your first sentence had me laughing out loud! The nerve of these people, eh?
Cat - I'm getting so annoyed with these guys who are simply out of touch! They have been patted on the back and rewareded for bad performance and bailed out again again with no consequence; they have been made to believe that they are invincable. Well, they're not!
Look at how Merrill Lynch, AIG, and Bank of America responded after receiving taxpayer money! Without these bloated salaries and bonuses, perhaps young people will now not simply go to Wall Street for the salary but instead follow their hearts into fields that will also contribute to society.
Maybe the very thought of restructuring salaries within acceptable means when companies are failing and getting money from taxpayers will get young people to think of why they have chosen certain fields. This is my hope at least.
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