I don’t know about you but I’m not happy with the bonuses the bankers received! I think they forgot what the meaning of EARNED income is versus BAIL OUT funds. I wouldn’t mind at all that they received bonuses if they had earned them – but they didn’t…we did. They point to the contracts but what a farse! That contract is between them and the company. The funds did not originate from the company – they came from the government.
The failed bankers on Wall Street have been complaining that if they have to cut bonuses and salaries dramatically, they’ll be unable to recruit great talent, and they need great talent to fix the situation. I have heard that during the dot com bust as well. And for years, executive have been claiming that they need to pay CEOs $50,000,000 salaries in order to recruit the very best for their companies. This, of course, is nonsense.
Twenty years ago, their salaries were a tiny fraction of what they are today. Did they do less work? Did they try less hard? Think lesser thoughts? Of course not. The reasons salaries are high in many cases is due to greed and believing they need to support lavish lives. I don’t have any problems with living the life of their dreams. But when the market changes and you believe you are now entitled ..well…
You can’t place all the blame on them – we didn’t hold them accountable. I believe there are still 1,000 totally qualified applicants waiting for their jobs. So, when demand is high and supply is low, the power goes to the supplier. Lower the salary until you get the best qualified applicants, right?
