Soob

Politics, Foreign Policy, Current Events and Occasional Outbursts Lacking Couth

Saturday, February 07, 2009

On Wall Street and Bonuses

I get the big bonus to keep the talent from jumping ship. And if firms want to heap big bonuses on shit performance then that's inviting a deserved economic Darwinism to a certain extent. But for those that Uncle Sam is floating billions to in order to drag their sorry asses out of complete ruin, well they've turned in their capitalism card and have officially been semi-nationalized.

If you avail yourself to the deep pockets of the fed then you accept their oversight (and yes that concept is comical but bear in mind effective fed oversight comes via the reticle of media attention) and their rules, however "draconian" they are.