I believe in pay for performance.
And that is why the fact that about $18 billion in bonuses were paid to Wall Street employees’ for 2008 continues the mockery of capitalism we have been witnessing. [1]
If there was ever a year when most folks on Wall Street didn’t earn a bonus how could it not have been 2008?
According to the Wall Street Journal firms on the Street lost approximately $47 billion in 2008. [2]
Financial giants that had been in business for decades went bust.
Billions in government aid was accepted.
Layoffs came by the tens of thousands.
And yet bonuses were, in absolute terms, the sixth highest ever?
Congress intervened in the market in order, allegedly, to preserve the market; a valid government role.
But weren’t these people supposed to be building capital reserves?
This is not compensation: it’s legalized theft, plain and simple.
Congress needs to investigate and no additional bailout funds should go to any firm which 1) received bailout money in 2008, 2) incurred a loss for 2008, and 3) paid bonuses.
