Bailouts and Bonuses: More Indentured Servitude
Today’s inspiration comes direct from poet William Cosmo Monkhouse:
There was a young lady of Niger
Who smiled as she rode on a tiger;
They returned from the ride
With the lady inside,
And the smile on the face of the tiger.
I’m guessing Wall Street is feeling like the young lady about now. But that’s what happens when you go for a ride on a tiger — or take money from Uncle Sam.
You get told what kind of cars to build.
You get told what cratering Wall Street investment firms you must buy.
And you get told how much you may pay your executives.
Half a million a year? Yes, there may be fine print, as Allahpundit at Hot Air points out. But for most senior executives at banks and investment firms, that wouldn’t provide a down payment on the beach house. Might as well tell the boys and girls to work for free.
Don’t get me wrong. I don’t feel a bit sorry for the senior executives who lived on the edge, continually increasing their appetite for risk. I do have some sympathy for the next level of executives who earn half or sometimes even more of their income from bonuses. Generally, these folks get paid based on what they bring in. Aren’t those the incentives we want managers to have going forward … to bring in more money so we taxpayers can have our TARP money paid back, as promised?
Oh. Maybe Barry I and his cubs didn’t think of that before they gobbled up their trusting prey. I’m sure their victims never considered it.
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