because they’ve done such a good job

by twit

and they are “worried that the proposals distracting employees

Citigroup Inc., Bank of America Corp. and JPMorgan Chase & Co., recipients of more than $100 billion in U.S. rescue funds, criticized congressional proposals to tax Wall Street bonuses.

Bank of America Chief Executive Officer Kenneth Lewis called the tax “unfair” in a memo to employees today, while Citigroup’s Vikram Pandit said his bank is “working in every appropriate way with policymakers.” JPMorgan’s Jamie Dimon held a conference call with about 200 executives, saying the firm is concerned about retention and is working with lawmakers.

what are they going to do, move to a private island somewhere and live in a rich-people-only colony?

or maybe hope that the New York Times helps them keep the echo chamber going…

Treating all of A.I.G. like Public Enemy No. 1 is a pretty dumb way for a majority shareholder to act when he hopes to sell the company for top dollar.

yes, after finding out that we own a corrupt organization that doesn’t get it, that doesn’t understand how badly they fucked up and that the party is over, after finding out that our investment is a stinking pile of crap, now there’s a reason to put some lipstick on the pig…

Isn’t that how this mess got started in the first place?

update: from Paul Krugman on March 21,2008:

The Obama administration is now completely wedded to the idea that there’s nothing fundamentally wrong with the financial system — that what we’re facing is the equivalent of a run on an essentially sound bank. As Tim Duy put it, there are no bad assets, only misunderstood assets. And if we get investors to understand that toxic waste is really, truly worth much more than anyone is willing to pay for it, all our problems will be solved.

… In effect, Treasury will be creating — deliberately! — the functional equivalent of Texas S&Ls in the 1980s: financial operations with very little capital but lots of government-guaranteed liabilities.

… Or to put it another way, Treasury has decided that what we have is nothing but a confidence problem, which it proposes to cure by creating massive moral hazard.

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One Response to because they’ve done such a good job

  1. lestro says:

    i love the idea of retention bonuses being necessary to keep the people that destroyed a company from being offered higher-paying jobs elsewhere.

    if that isn’t an indication that the free market is broken and can no longer regulate itself (not to mention that all that “moral hazard” the conservatives want to crow about is just shit because if these idiots can get jobs elsewhere, what is the punishment for failure?), i don’t know what is…

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