Quote:
Originally Posted by Sly
What do you suggest they do about the top-level bankers leaving the companies because pay is not what they can make at other companies?
This is already happening. Guys are being restricted on what they can earn so they are jumping ship to hedge funds and foreign finance groups. If a guy can make $2 million a year elsewhere but can only make $500,000 a year with you... where do you think he is going to go?
I understand the position of "if they take government money, there should be restrictions on what they should do." But, the government should also not meddle in business decisions... which is what's happening again and again lately. It's not good.
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These people were grossly overpaid with extravagant bonuses for failure in the first place for running their respective companies both into the ground, into the red and into gov't hands begging for bailouts. If they want to leave the companies they helped destroy, so be it. I doubt it'll look good on a resume. Bring in some fresh blood that can turn these companies around into profitable entities, pay back the bailout money and reap the rewards.
I doubt there are only a tiny handful of people capable of running these companies. Sure as shit there are people out there who can and will do a better job. It sounds to me that, as i stated earlier, it will encourage and reward based on merit and achievement rather than reward failure as has been the case.