[quote=ralphfurley][quote=flu]
Notice Obama/Geitner is now backing off the wall street executive pay cap….Like I said before….All it’s going to do is create a vacuum of top talent from tarp-controlled banks to banks that aren’t tarp controlled. Goldman,AXP,others already clearly signaled they aren’t going to cap comps (nor should they), and clearly they’re exitting tarp as fast as possible. Now you’ll get a bunch of B,C,D,F star employees running Citibank,BAC, AIG,etc, after all the A players jump ship for more money at non-tarp firms…[/quote]
All those “A” ranked employees sure did a bang-up job so far. Let’s reward all the guys that created this financial holocaust. After all, they are the ones that are going to save us.
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That’s not exactly accurate. See different people do different things at i-banks and commercial banks. Though I don’t claim to be very knowledgeable the various ways banks make/lose money, most likely the people that created this banking mess were the ones running the mortgage back securities. However, there are plenty of other things such as mergers/acquisitions/ipos/raising equity,etc…Things done by those other “A” ranked players that didn’t have a foot in all the MBS fiascos, things that these banks will most likely need to count on to boost profits moving forward. Those people would have been subject to the same compensation limitations…And guess what, those folks will/would move to a non-tarp institution. A good portion of i-banking is not about the technicals of the actual work, but all about relationships and salesmenship. That’s why it’s always a big deal when a MD from one firm jumps to another…Because usually the clientele follows… Banking is probably the least understood business so probably such distinctions is lost in the noise.
BofA and C are done. They won’t be a top bank for a very very long time.
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If the previous administration had not run the country into the ground, all these socialist ideas would not have seen the light of day.
And I could be mistaken, but didn’t the arm-twisting between the Fed and BofA take place during the previous administration? Wasn’t it the previous administration that forced us to fork over $350 billion dollars that disappeared into thin air? Where’s the accountability?
Don’t make it sound like all the shenanigans started this year. Nothing will change until we abolish the fed.[/quote]
True, and the only thing this administration is demonstrating is it’s no better and in many cases worse. Which is why again, I hope this administration gets out so that our government gets back to having no power to effect change. I don’t care which party is controlling the presidency as long as Congress is dominated by the other party. I’d be fine with Obama at the helm if we had a republican Congress for instance.
