You tell ‘em sister!
I’ve been on Wall Street since the late 90’s, but am now at a private down-to-earth firm.
So I’m just as outraged about the $18B in bonuses that were doled out last year at the big banks–e.g., Merrill, Bank of America, and others that received TARP money.
I’d venture to say that pay should be capped at less than $400K. Because often times, it was a heck of a lot harder for the President to become President than it was for some of these CEO’s to become CEO’s.
Plus, the President has the weight of the free world on his shoulders, and the lives of millions of Americans in his hands. So why should anyone earn just as much as the President?
Cap it at $250K! And then see who remains. Likely the good-hearted people who really want to do this work. Then again, who really wants to do banking work. I love my job, but the average banker hates their job and only does it for the money.
Take away the money, and I promise you that Wall Street will become like a benevolent non-profit environment.
And the best part about Washington fighting back is that President Obama proved that Wall Street money isn’t necessary to win an election. Seriously, yesterday when the President gave Wall Street a smack down, he did not stutter.
I’m sure you heard former Mayor of NYC Rudy Guiliani’s response. That without Wall Street’s money, NYC would have a tremendous budget deficit. Because it’s the Wall Streeters who go to the fancy restaurants and pay for dry cleaning and other services. So don’t cap their salaries, and pay them their bonuses.
Good grief. Can someone say “2012”?
Senator McCaskill said it well. And I’m proud of her for standing up to Wall Street.
I mean, yeah it stung a little bit when she said that we’re idiots on Wall Street, but no offense taken girl, I got you.
And for the record, there are also many very kind people who work on Wall Street–people who donate their time and money to local charities and to the less fortunate. Don’t forget that.
Want more stories from the inside of Wall Street? Please buy my book Three Little Securities!