I WARNED YOU

[RIJIMMY]

Ok - just got back from a quick errand and had NPR on the radio. It was a panel discussion on bonuses, obviously because of AIG. The entire team bashed wall street pay and the moderator cluelessly lead them one. here is a sample, almost verbatim -
Mod - so say someone in wall st makes 200k annual, whihc is really an average wall st salary (jimmy - yeah, tell that to the 80% of wall st employees in fund accoutning, it, compliance, phones, etc) and they get a 400k bonus. So we hear on the news that they give up their pay for say a 1$. They're still getting 400k so they're not really giving up anything?
Panel: Thats right! Its a big lie.

So back to reality. Im pretty sure 200 + 400 = 600 and they'd actually be giving up 200k. I guess when you're a lynch mob you dont worry about facts. The rest of the 10 minutes was a tirade on how we need to clean up this pay structure and how its unfair and how they hope the government fixes this, etc. Not once, not one single time did they mention that this was for companies that received bailout money! They are talking ALL wall st. companies!

So sure, PaulS and Spence will tell me not to worry, Im a craxy conspiracy therorist and then I get back to the office and read this!
from an interview today with Barney Frank!

"And by the way, that's one of the things I've been working on for several years. It's to go after this whole financial incentive system that they have, whereby if you are working in one of these companies, and you take a risk, and it pays off, you get compensated. If you take a risk and it blows up in everybody's face, you don't lose anything. We have to put an end to this kind of one-way street, heads they win, tails they break even."


Think Im crazy now? Take this with Obamas tax increases, his assualt on the wealthy! the us government has NO right to dictate anyone's salary except for their own employees! This is the begginning of the end of this country. Two months of Obama, I dont think we can survive the rest of his term.