Saturday, February 14, 2009


The stimulus package has passed, and will be signed no later than Monday. Among the provisions is one that goes even further than the Obama Administration had asked in limiting bonuses for bank executives receiving TARP funds. The best line yet comes in a comment from a bank lobbyist.
"This is a big deal. This is a problem," said Scott Talbott, chief lobbyist for the nation's largest financial services firms. "It undermines the current incentive structure."

Talbott said banking executives expected certain restrictions would be applied to them but are concerned that some of the most highly paid employees, such as top traders, who bring in hefty sums for the company, would flee to hedge funds or foreign banks that have not accepted U.S. government funds.

What bank, foreign or domestic, would hire someone whose "investment strategy" helped induce the destruction of investment banking as an industry in the US?

These people are dorks. But, funny dorks.

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