Saturday, January 31, 2009

Digby on Wall Street Megabuck Bonuses

I dig Digby daily.

This morning she made me recall Mae West who said "When I'm good, I'm very good. But when I'm bad I'm better."

I have been hearing people all over the TV today saying that it's just wrong for the government to require that the failing banks not give out bonuses until they pay back the taxpayers for their hundreds of billions in bailout money. Apparently, there is some idea that it's now immoral for someone who is paying another to require certain behaviors from them. (I've heard quite a few people argue that these people are the best at what they do and if the taxpayers don't pay their bonuses, these failing banks will lose their expertise and the economy will suffer. )

All over the country, workers are being told that they can't have bonuses or raises, that they have to cut back their hours, that they are being laid off. The waiters at my favorite brewpub, who have been there for a decade or more, are all being reduced to part time (so that none of them have to be completely laid off) and their tips are off by 60%. The idea that the people who caused all this should get bonuses at the taxpayers expense because they are such valuable employees is ludicrous. That these people who work forsuch massively failed enterprises should be rewarded by the taxpayers for their failure is beyond reason. I can't fathom why they haven't all been fired.

After riffing the point a few more paragraphe she concludes

...There is no CEO on this planet who is worth the kind of money these jackasses have been giving to each other and it's long past time that this nearly pornographic obsession with the manly John Galt myth be put to rest.

Bust 'em Obama. It's smart politics. Me likee.

A coda follows from Kevin Drum.
This is better than rap.
She's worth her weight in silver!
You go girl!

No comments: