Wall Street’s Sick Psychology of Entitlement
instead of using that to repair its
financial health, it simply put the money into the pockets of its
employees. There is no way to defend this disgusting payout.
Their brains have no caught up with the idea that
they are working in broken institutions that would be unable to pay to
keep the lights on if not for the fact that Washington has given them
billions of taxpayer dollars.
Being really
good at what you do doesn’t matter if your firm is broke—and your firm
is broke. It’s now on taxpayer supported life-support.
Failing firms that cannot afford
to pay for talent lose that talent to successful firms. That’s an
important part of market discipline.
when you pay yourself a bonus with taxpayer
money you are simply taking money from someone who earned it and giving
it to someone who didn't.
Perhaps instead of a bailout, we should have
confined the TARP to overseeing the orderly disolution of failed
financial institutions.
