I really don’t mean to sound like Reagan here…
…but remember what he did to the air traffic controllers back in the 80′s?
That’s probably fairly similar to what Obama should do to the people in the financial sector who are whining about losing their retention bonuses. Reagan was a little ridiculous, as the people who keep the planes from falling out of the sky are slightly more essential than the people who’ve lost us a fuckload of money by pretty much looting the financial market. In this case, though, I think the shoe fits.
The argument the companies are giving is that ditching those bonuses or forcing them to non-tender existing bonuses in some way would inhibit their ability to hire and retain “the best and brightest” in the business.
Given what “the best and brightest” have done for us in recent years, I say “fuck ‘em”. Let them earn a living, as well as our trust. Put a tight, loophole-free (as much as that’s possible, anyway) five year freeze on bonuses like that within the financial sector, and then we’ll go back to the drawing board and see if anyone in the business should be rewarded for the job they’ve done. Five years of frivolous extra income for folks who already make a ton of money is nothing compared to the entire lifetimes of money their industry has lost of other peoples’ money. I think they’ll live. If financial companies really wanna totally piss away the money they’d spend on retention bonuses like they’ve been addicted to doing, have them give it to teachers who love their jobs, are great at what they do, but can’t really make ends meet on a teacher’s salary. Oh, and have them spend some of it on a plan to reform tenure, so that lousy teachers who, like these folks who fucked up the financial system, shouldn’t be doing what they’re doing can be rooted out of the system, too.
Now, I’m far from an expert, so if you have a differing opinion that makes sense and isn’t just regurgitated partisan rhetoric of some sort or another (my argument here isn’t based upon talking points from either side of the fence; it just seems to make good sense to me), I am all ears. Throw me a comment and we’ll talk.
March 15th, 2009 at 1:12 pm
If these guys really were the “best and brightest,” then the economy never would have tanked like this in the first place. Everyone else is held accountable for their actions; I see no reason to put these top financial guru’s on some kind of pedestal while people below them are losing everything.