No, that whole division deserves to be canned. None of
nationalized banks in Britain pay bonuses, but I think
this whole thing was part of the last robbery of the
century of Hank Paulson and Co and the outgoing W
administration before the rules of the game changed - providing
golden parachutes to those responsible for the mess,
no questions asked. Questions ARE asked now, and the
FBI investigators slowly dig into various issues.
A large part of the corruption part of the mess resides with
the politicians in Washington, and my guess is Obama does not
want too much confrontation, since he has to deal with
these people, most of whom got re-elected. The main street
is getting support now from the democratic party.
Why did Chuck Prince who bankrupted Citi walk off with a huge
golden parachute? Was he the only one last year? No.
Who asks these questions now? These are the right questions
to ask.
Yet, the whole country, more so, the whole world is in pain.
The financial profession as a whole gets painted in black
due to all this, and there are decent folks there who are
just doing their jobs. Losing them in packs, by the way.
Unfortunately, a necessary step, as US economy must
restructure, shed the bubble (financial) jobs, and grow
more manufacturing jobs. |
