March 30, 2009
Last week Barack Obama met with top executives of US banks. This was his message to the banks: bonuses are not acceptable.
That's right. Not just "excessive" bonuses or bonuses paid with bailout money. But bonuses. Period. They are unacceptable while other Americans are struggling to make ends meet.
Really? Well this American, while no longer employed by a US bank, put his bonus to good use, paying off some accumulated debt and stashing some more into savings.
You know what I find unacceptable? A POTUS who sees fit to dictate actions to individuals and businesses in this country.
What about the banks who took the TARP money, you say? Shouldn't the government be given oversight into their operation? Normally I'd say that you have a point, except that banks who wanted to decline acceptance of said funds were told that that was not an option. Here's how it goes:
1) Government "offers" some money to banks who made stupid loan decisions.
2) Bank decides that its balance sheets are already leveling out and therefore declines the money from the government.
3) Government strong arms bank into taking the money, saying that it is not allowed to decline the money.
4) Government then claims ability to tell bank how to run its business owing to the bank's acceptance of money.
All I can say is that it's good work if you can get it. I hear that some neighborhood lending institutions** work in pretty much the same way.
Posted by: Harvey at April 04, 2009 10:24 AM (bz4Bu)
Posted by: Joseph Hertzlinger at April 05, 2009 02:15 AM (s7g2v)
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