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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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From: John McCarthy	1/29/2009 10:39:50 PM
	1 Recommendation Read Replies (2) of 116555

Wall Street Bonus Uproar The issue of clawbacks surfaced on CNBC's "Fast Money" TV show Thursday after President Barack Obama lashed out at banking executives for giving themselves $20 billion in bonuses at a time when their industry is in the midst of a huge government bailout. Dylan Ratigan, the moderator of the show, showed footage of Obama's comments as well as that of Sen. Christopher Dodd, D-Conn., who called the bonuses "unacceptable" and wanted to figure out a way for the government to reclaim some of the money. Pete Najarian agreed with Dodd, asserting a clawback is exactly the kind of "sentiment changer" needed to restore public confidence. He said it is not only a matter of "just dumping bad assets into a good-bad bank" but also pulling some assets from these institutions to make them pay for their misdeeds. Jeff Macke, though, reminded the panel that any attempt to take the bonuses is not getting at the heart of the problem: dealing with the bad assets. Ratigan disagreed, arguing that the clawbacks are necessary to restore confidence in a financial system that has been asking the taxpayer to make extraordinary sacrifices. thestreet.com

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