If we don’t grant egregious pay packages, we’ll lose the talent!!
Wall Street is at it again. The too big to fail have become “too bigger” to fail, and compensation has run wild with taxpayer backing. Obama’s pay Czar is on the case, and promises to reduce big payouts, but only at a few headline companies. Why should practically insolvent, government saved businesses continue to pay out millions, even as the economy struggles, and average Americans buckle under ever increasing personal debt and tax burdens?
The standard battle cry on Wall Street is as follows: If we stop handing out massive pay packages, the talent will leave!
If Wall Street employees really are so talented, then why did their firms need government bailouts? Why do they continue to need government guarantees on their debt? This sounds completely absurd.
Here is my solution. I suggest that the talent go and start their own businesses, without government handouts. This will save the taxpayers billions of dollars. Further, since these folks possess so much talent, they will be at zero risk of going out of business. As an added bonus (pun intended), they will make much more money. There is a reason that gifted financial minds (George Soros, John Paulson, Steve Cohen) are multi-billionaires. All this money they will make will also help the U.S., as it will be taxed.
I doubt it will happen, but I see no reason why Obama, Geithner, and Bernanke won’t agree with me. The talent can finally be free from corporate shackles. They can make billions with superhuman prowess, and their tax dollars can help to balance our massive (and growing) deficits. Please, let’s help the talent help themselves!!!
October 23, 2009
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