http://finance.yahoo.com/career-work/article/106556/Greed-Is-Good
"But no Wall Street CEO taking federal money received a bonus in 2008, and the same was true for most of their senior colleagues."
I don't think it's the 2008 bonuses that are such a big deal. It's more like the bonuses that were paid out over the preceding years while they were bubbling up the "profitability" of the company with ratings-shopped fake profits.
If they gave all that money back, I don't think it would be a big stink in the news at all.
The guy sounds like he is advocating a socialistic approach to helping companies headed by poor leadership retain good talent.
Also, the financial companies relied on the Greenspan approach of supposedly protecting themselves (and each other) through a mechanism of self-interest. That is "The Prisoner's Dilemma" applied to banks - and sometimes both prisoners get executed in that scenario, so not sure why it is trustworthy to build an economic foundation on...
"But no Wall Street CEO taking federal money received a bonus in 2008, and the same was true for most of their senior colleagues."
I don't think it's the 2008 bonuses that are such a big deal. It's more like the bonuses that were paid out over the preceding years while they were bubbling up the "profitability" of the company with ratings-shopped fake profits.
If they gave all that money back, I don't think it would be a big stink in the news at all.
The guy sounds like he is advocating a socialistic approach to helping companies headed by poor leadership retain good talent.
Also, the financial companies relied on the Greenspan approach of supposedly protecting themselves (and each other) through a mechanism of self-interest. That is "The Prisoner's Dilemma" applied to banks - and sometimes both prisoners get executed in that scenario, so not sure why it is trustworthy to build an economic foundation on...