Wednesday, February 04, 2009

Wall Street: Greed is the Motivating Factor

Wall Street is whining already. But I have to defend Obama on this one. Companies who participate in the bailout (the bailout wasn't forced on them - they begged for it) should not allow their leaders the accustomed compensation.

But, Oppenheimer & Co. analyst Meredith Whitney argues on behalf of rip-off salaries, “No one goes into Wall Street to save the world,” Whitney said today in an interview on Bloomberg Television. “Compensation is the motivating factor.”

Yeah, that's right, Whitney, compensation = greed IS the motivating factor.

The salary caps Obama is talking about are a mere $500,000 per year. Oh, poor deprived money sucking corporate America, you will be deprived of your $2,000,000 salary plus benefits for your crappy performance. Gosh, you didn't "save the world." You not only didn't save the world, you screwed up the world while screwing up your company. And you want to be compensated how much? And obviously most of the analysts on Wall Street are in bed with their greed-hound buddies.

Jealous at their wealth? No, just pissed at the irony and outrageousness of their unbridled greed.

More appropriate would be for remaining corporate execs whose firms receive the government dole to give back last years compensation to the federal government AND agree to limit next years' to $100,000 for every 10 per cent of the taxpayer dole that isn't paid back. If nothing is paid back, they get nothing. If 10% is paid back, they get $100,000, of 60% is paid back, they get $600,000, etc.

I like it.

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