Monday, February 23, 2009

I'm mad.

Or Why Didn’t I Become a Wall Street Banker?

Does it make you mad that the Wall Street bankers are making off like bank robbers with the economic stimulus money? There is just something WRONG with this picture.

I really enjoyed the article on the first page of the NYT Sunday Business Section on February 22, 2009, written by Gretchen Morgenson, titled “Gimme Back Your Paycheck”. Ms. Morgenson talks about the seven major financial institutions who have collapsed, were sold at distressed prices or are in deep to the taxpayer and yet their top executives have received $464 million in performance pay. I am assuming that performance pay means that you performed well and are compensated for a great job. Yet these firms have reported loses of $107 BILLION since 2007 because of their ineptitude. She named names.

“There is a fine line that separates fair compensation from stealing from the shareholders,” said Frederick E. Rowe, a money manager in Dallas and a founder of Investors for Director Accountability, a nonprofit group. “When managements ignore that line or can’t see it, then hell, yes, they should be required to give the money back.”

Heck, I think we should call a spade a spade. This is bank robbery, a true inside job. If they don't give it back willingly, let's put a hold on their bank accounts and let them rack up overdraft charges.

What’s this country coming to when banking executives are paid more than our professional athletes?

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