I can't believe there is still so much bitching about Wall Street bonuses. Haven't we gotten over that yet?
Listen, most of the major banks PAID BACK THE TARP FUNDS.
According to the US Treasury in Dec 2009: Taxpayers have already received over $16 billion in profits from all TARP programs and that profit could be considerably higher as Treasury sells additional warrants in the weeks ahead.
How many other federal programs have that kind of return direct into the Treasury's coffers? Few and far between.
If a bank has repaid its obligation to the government, then it should have the right to determine compensation as it sees fit. I think any business would have it no other way. So shut up already!
1 comment:
I think the bonuses are just a stand-in target for the years of resentment Main Street has had for the "suits" on Wall Street. Up until now, the high compensation afforded to people in the banking and financial services industry has been no secret. But political circumstances have changed, and now that the zeitgeist is down with capitalism and up with protectionism, the non-financial masses are exulting. "Ha! Take that!" they say. Kind of like what happens at a lynching.
Schadenfreude is the term used to describe joy at someone else's suffering. I just call it mean.
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