With the bonus rhetoric hitting a fever pitch ahead of the G20 slumber party, it might be time to take a step back and see whether or not the collective brain trust has actually come up with something. These are the people who speak for the most powerful countries in the world after all. If you discount the bit about imposing sanctions on banks that pay the always undefined “excessive” bonuses and look to the heart of the matter, there may be something worthwhile to discuss.
The primary complaint is clear: compensation packages have historically rewarded short term gains without thought for long term consequences. But the question is who are lawmakers really talking about, bankers or themselves? If you believe the words coming from the White House over the past few generations, no sitting president has ever caused a problem. He has always inherited them from his predecessors who were making decisions for short-term election gains at the expense of the long term health of the country.
So, as global leaders, this is your opportunity to lead by example. You want to demonstrate that clawbacks are useful tool for bankers? Offer to give up the proceeds of the book deal that inevitably follows the end of a term in office if the new guy winds up suffering from a mess you made. Do something that makes you financially accountable for your actions in office once you’ve left. This is your shot to prove to people that there’s no double standard here and you’re willing to put your money where your mouth is. It doesn’t sound so sweet when the tables are turned, does it?
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- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
So it’s G20 now? Man, we’re letting anyone in.
And have SOX apply to government. I’d like to see geithner certify Treasury accounting as acceptable
Reminds me of that Ross Perot proposal: “If GDP grows 1%, I get paid nothing. If GDP grows 2%, I get ten billion dollars”
Greg,
I am going to force you to watch the entire series of Step by Step on DVD with me.
-Not Jeff Macke but a fan of his work
@3 – Of course, Ross Perot was completely fucking wackadoodle.
Greg-
I am going to put sparklers up your nose and light them a Zippo.
Jeff Macke
Greg, I’m going to put my money shot where YOUR mouth is.
-Jeff Macke
While we’re at it, let’s re-frame the TARP as government’s, not as a bank bailout, but rather as partial payment for their prior colossal errors. Had they acted competently as late as mid-2008, the consequences to the taxpayer, and the real economy, would have been dramatically reduced.
Greg,
I am going to make you do an very difficult Quick Fire Challenge and then judge you harshly on the dish you present.
-Tom Colicchio
Greg, you’re an idiot
Walrus tusk.
Greg is such a jackass.
Greg,
I want to watch you sleep.
-Jeff Macke
Jeff,
I live in your bedroom closet.
-Crash Test Dummy
Greg, just once I’d like to make it through one of your snarky, unfunny, unenlightening posts and have some fucking idea what you are talking about.
When did “snarky” become a real word?
@16 1906
Greg-
I am going to wash your balls with listerine and rinse your mouth.
Jeff Macke
Does that mean Berlesconi is not allowed to bring his friends for the after-party?
too poorly written, didn’t read
I’ve always loved that photo.
Solid post Greg!
-not Gregs mom
Seriously, stop talking to your items of discussion in your posts and talk to us douchebags instead, and put up more pics of hot chicks.