Some of the top talent in the banking industry is jumping ship from financial institutions taking bailout money to those that did not:
Top bankers have been leaving Goldman Sachs, Morgan Stanley, Citigroup and others in rising numbers to join banks that do not face tighter regulation, including foreign banks, or start-up companies eager to build themselves into tomorrow’s financial powerhouses.
. . . .
Now that their rivals must accept compensation limits and other restrictions that come with the use of taxpayer support, the foreign banks are finding more eager takers.
Our ailing financial industry is sure to recover more quickly with some of its best and brightest leaving for more lucrative opportunities.
And yet the culties swear that the Teleprompter-in-Chief, the Tax-Cheat, and the Mincing Chairman Elmer Fudd of the Banking Committee aren’t really s-o-c-i-a-l-i-s-t-s.
I mean, if the president and his congressional party were really Marxists, they’d probably seek the power to have the government take-over companies at whim, allow companies to be sued over 50 year old labor practices, confiscate the earnings of successful people, undo the welfare reform of the 1990’s, suggest global financial regulation, control employee salaries, facilitate coercive union organizing by abolishing the secret ballot, and maybe even fire corporate executives that displeased them in some way.
And how much of that has been done by Chairman Zero’s regime?
We can only hope that this retroactive negating and/or seizure of unearned salaries and bonuses goes back as far as Franklin Raines et al at Fannie and Freddie.
Too bad it won’t apply to Congress, which definitely takes taxpayer dollars and which is at least as incompetent as the least competent CEO at any financial institution. Or at least apply it to any congressperson who insisted that lenders lend to unqualified borrowers. And maybe to anyone who trained ACORN to harass bankers into making such loans, or who aided in any lawsuit against lenders who resisted the making of such loans.
Then again, that’s in the past; we need to look to the future now.
And HOORAY for the actions of the U.S. Navy this afternoon and congratulations to Captain Phillips and his family!!! Happy Easter, y’all!
Congress can’t even run a cafeteria, but they give themselves raises and bonuses ALL at the taxpayer’s expense.
Still wondering why I should give a crap about $165 million when we’re getting stiffed for $2 trillion.
I’m one of the “bankers” who is still at a large investment banking and brokerage firm. I make good money for the company and I get paid a good amount for working 12 hours a day six days a week. I’m grateful for the opportunity and like working for my company. But here’s the deal. If Barry, Timmy and Barney decide to cap salaries (and benefits, etc.), I will leave and start my own firm. My client’s are loyal, and I give top-notch service to them, so I wouldn’t lose a significant amount of revenue.
The “post-Frank” firm will have wonderful revenues, but expenses each year will somehow wipe all of the revenue out. Amazing how that can happen (wink, wink). My salary will be very low. My tax bill will be practically non-existent. My company’s tax bill will be zero.
I could say, “Go ahead, make my day.” I like my current firm, so I hope that it doesn’t come to that. But these bumbling bombastic blowhards in Washington need to understand the consequences of their actions.
I read a four page piece today in TIME magazine about the horrific econonomic situation in the Democrat city of Detroit Michigan. It is a sad and frieghtening story. A devestated landscape of brownzones. Entire neighborhoods gone. There are ideas to return a once thriving urban city to farm land. Or forests. The result of one party Democrat rule for 75 years. The median home value in Detroit is $5700. Imagine. 50% of incoming freshmen in their High Schools don’t graduate. Stunning. The schools are now administered by the State because local control proved hapless. From Detroit to Atlanta to New Orleans, cities and states with long term Democrat liberal control are rat infested hellholes. This is the dream of the Obamaphiles. To bring this kind of utopia to middle America. I grew up in metro Detroit. I left 20 years ago. But this is sad and breaks my heart. People became so dependant on government. They lost their individual souls, their individual desire to prosper and willingness to strive to be great. Now like in New Orleans, they just sit and wait for the postman. This the liberal result, the Democrat result, the Cuba result.
Democrats, doing to America’s financial industry what they have already done to the manufacturing industry. Next up? Healh care!
You’re supposed to feel guilty.
I dunno about PA but here in central Fl, every other commercial is an ad to visit Michigan.
And I don’t feel I need to visit MI. MI, NY, NJ, PA, Ontario etc. all come here for the winter.
Well, what do you expect? The Marxist in Chief meant “change you can believe in” which is all you will get when he does turning capitalism into the Marxist state he wants and the change you get is all that is left in pennies in your pocket.
If find it hypocritical that the likes of Larry Sumners who speaks of the horrors of the banking mess profited from it along with the likes of Robert Rubin, Franklin Raines and all the Clinton cronies…the only good thing is that the morons that bankrupted the banks “the so called best and brightest” are now leaving to bankrupt foreign banks…pity them…I also blame Henry Paulson who helped aggravate this mess by bailing out his Wall Street buddies…and while we are at it..good old libertarian Alan Greenspan for pushing cheap mortgages, no money down schemes and not believing his staff of what a mess he was creating by doing that. Of course we have the Community Redevelopment Act and Clinton making a mess of Fannie and Freddie….and repealing the Glass Stegalman Act (sorry for the misspellings)
We have only just begun with the messes the Marxist in Chief has made and it will take a few life times to undo them.
They *have* to advertise coming to visit MI since tourism is all that’s left now that they’ve driven industry out of the state. Of course, they’re finding ever new and more creative ways to tax tourism out of existence, too – on top of increasing our state income tax, expanding the sales tax, think-tanking on the gas tax, excise-taxing tobacco sales out of existence (even before the federal government’s help in that one), increasing the price of food, and on and on and on. We’ve had the highest unemployment rate in the nation for years running, Detroit even higher than the rest of the state’s average: In February, Detroit at over 13% (state average 12%).
I live a couple hours NW of Detroit – in Dave Camp’s district. We haven’t had Dummycrap representation in this district for nearly 75 years – and while things are bad enough here, they’re nowhere near as bad as they are in Detroit. There are too many hands held out waiting for a check, but at least we’re not rotting from the inside out with gangrene beginning to show….
It’s just so depressing.
While I’m not thrilled with the best and the brightest jumping ship to work for foreign corporations, I am thrilled with the ones moving to small start-ups. Those New Way Forward* types are right about one thing–no company should be allowed to get too big to fail. They’re little better than monopolies for the distorting effects they have on the economy.
*Liberal protestors have finally found a way to keep their demands narrow–protest the actions of a Democratic government.
Still waiting for a liberal to explain to me how raising taxes is the answer while states with the highest taxes are failing.
I am. Just shows what happens when you punish the best and the brightest and/or the companies they work for. Instead of getting screwed at one place, a person should be able to go where they won’t have to put up with that crap.
I for one would love to see a cap on executive salaries for those who make their living reporting the news. Let’s put all of the networks’ anchors on a $250K salary cap! Then we’ll see how much those useful idiots value politics over personal growth.
And while we’re at it, let’s cap professional athelete salaries at $250K and also provide affirmative action for NBA and NFL teams so that there is more representation of non-African-Americans. I’m sure the Congressional Black Caucus would just LOVE that, huh?
One can dream, can’t they? 😉
Waiting for liberal nutroot tantrums in 3…2…1…
Regards,
Peter H.