Bankster of the day
Feb. 19 (Bloomberg) -- Bank of New York Mellon Corp. Chief Executive Officer Robert Kelly said he opposes a limit on bankers’ bonuses because it could make senior executives quit.
Why isn't cleaning out the executives who fucked up exactly what we should be doing?
Sounds like we need to replace the categories "exempt" and "not exempt" with "entitled" (the executives) and "not entitled" (everybody else).
Because if any normal employee fucked up as badly as the leadership of our banks, they'd have been fired, no question, based on performance.
Pay caps would discriminate between domestic banks and other financial firms such as international banks or asset managers that wouldn’t be covered by the restraint, Kelly said in an interview in Dubai today.
“The unintended consequences of an un-level playing field could mean that at a time when you want stability in senior management and you want your banks to be more successful again, I would worry that you could potentially lose senior executives,” Kelly said.
Bonuses are under pressure across the world as governments bail out banks. President Barack Obama’s administration has limited bonuses for senior executive officers and the next 20 highest-paid employees at companies that receive more than $500 million from the U.S. Troubled Asset Relief Program. BNY Mellon, the world’s largest custodian of assets, was one of eight companies that last year received a combined $165 billion as part of the TARP.
As far as the "level playing field," I agree with Kelly. It's not equitable that compensation should be limited only at bailout banks.
Compensation should be limited for all executives, as a way of reducing the income inequality that's creating Richistan and the rest of us, and as a way of getting the CEOs to focus on their jobs, instead of hookers and blow.