Wednesday, February 04, 2009

Wall Sreet salaries

While I believe that compensation is a matter between corporation (boss) and employee,there is always an exception.Over the years we have seen huge salaries/bonuses on Wall Sreet,and have wondered about these levels of compensation.In the end,in capitalism, you get what the market will pay.Thus ballplayers get millions,because fans support the games and the sponsors of TV coverage kick in mega dollars..
No one even asks what is the compensation for the news anchors and talking heads who criticize Wall Sreet.Again the networks sell time,hope to draw listeners,and try to attract stars.
However,when a business fails,loses money and is about to take the American economy down with them, somehow it stretches the imagination that bonuses are in order.
Surely when these executives turn to Uncle Sam for public funding,the top management should be out,and stockholders should lose their equity.
To take billions from TARP,and turn around and frolic in Vegas,and give out bonuses is immoral.If these people want to leave-GOODBYE!
Maybe a few will get multi-=million dollar jobs elsewhere , but many won't.
The big winner will be Medical ,Dental and Law Schools,who will see an uptick in applications,as bright young students will realize that the multi-million dollar days on Wall Street may be limited for a decade.