So, okay. Kenneth Feinberg said at a conference this morning that he is worried that the pay cuts he came up with will drive away talent from the companies on whose asses he’s placed caps.
Kenneth Feinberg, the Obama administration’s special master for executive compensation, said he is “very concerned” about the possibility his pay cuts may drive talent away from companies bailed out by U.S. taxpayers.
What’s happening here? Is this one of those situations where he’s being like I understand where you’re coming from, I’m not disagreeing with you, but it’s too late and you have only yourselves to blame. OR: is K.Fein starting to second guess himself? Is it possible in his moment of vulnerability he can be broken? OR (and this is this most likely scenario): are we witnessing a little passive aggression being thrown in the direction certain elvin colleagues at the Treasury, whose incessant sniveling has worked Feinberg’s last nerve? He likes the caps just fine but if it means undermining the world’s most famous tax-evader he’s willing to do what it takes?
How scary is it that the idiots that are supposedly running the show are just now coming to grips with what has been obvious to the reat of the world for months?
Of course Citi, etc, will be shitty places to work for years and will attract only those who can’t find work elsewhere. Its not just pay. These companies will be cutting back on benefits, t&e expenses, training, technology, etc, etc, etc.
Kenneth,
You had me at “raw.” Call me.
-Barney Frank
Welcome to reality Feinberg. You’re an asshat
does this mean I might get paid?!
-KL
Obama & CO need a lesson in economics. Price/wage ceilings & floors lead to inefficiencies. Socialsm does not work.
FUCKING
SHIT
stop mind fucking me, K.Fein
-vik
All da Czars are friends-a-mine.
I know exactly what da fuck caused Ken to change his mind. Benmosche threatened to meet wit him privately and den do unspeakable things to him.
-CG
@5 you’re an idiot.
@10 = Lenin’s ghost
…step 3: PROFIT!!!
@9/@cg step up your game, bro. You’ve been flagging these last couple a’ weeks. I recommends 4 gallons of muscle milk before breakfast.
I needs to talk to you’se about dose contacts.
-vinny
What I would like to know is, where is the “talent” going to go to? The space up there is pretty tight. Outside of the U.S. the choices become even less interesting.
@14 Fuck you! I’ve never worked at GS.
We are all God’s children doing God’s work.
God lives in a van down by the river.
@13:
Vinny!!! How’s it hangin’, bro?
Ya see, da thing is, dis book dat I been peddlin’ ain’t doin’ dat good. I blame dis shit on Sorkin, dat no good busone.
- cg
(busone m. (vulgar) passive male homosexual.)
I have God on speed dial.
LB
@20: should be
I have LB on speed dial.
God
@19/@CG
Don worry about dat Sorkin piece a shit. I take care of “da problem” for you. Just make sure you leave da Cannoli. Da crew know what to do.
ciao
-vinny
K-Fein looks like Gargamel: http://en.wikipedia.org/wiki/File:Gargamel_and_Azrael_from_the_Smurfs.jpg
http://www.nj.com/entertainment/celebrities/index.ssf/2009/11/mtvs_jersey_shore_you_thought.html
hey charlie- on which episode do you make your cameo?
@22/Vinny:
Call me on dat public phone in Penn Station when da deed is done.
Make sure you make da call from a public phone, and not on da cell phone. I’ll stop down at dat Italian Pastry shop on McDougal in da Village and get da cannolis. Da owner dare is a friend-a-mine.
Ken Feinberg…
As TGFD and others see it, the only way your pay-cap idea will ever work is if you ensure that the following all get done as well:
1) Bring back the Glass Steagal Act, no grandfathering, 2-yrs to comply.
2) Repeal most of, if not all of the Commodities Futures Trading Act.
3) Reinstate the Uptick Rule.
4) Highly regulate the derivatives market.
5) Estop any naked derivatives activity. Includes market makers.
6) Classify CDSs as insurance products. Teamed with 1) = powerful.
Why will these six requirements make pay caps work?
Hedge funds, boutiques, and Goldman Sachs draw their life energy from derivatives and commodies. Curtail them, slow the whole system down, and most of that energy is sapped from them. Less energy = fewer players. Fewer players = fewer jobs. Fewer jobs = people keeping the ones they have, even at lower pay.
States are nearing bankruptcy, unemployment is not really abating, yet Commercial Bank Goldman Sachs keeps borrowing money from the Fed at ludicrously-low rates and gambling with it, while not lending it out the way commercial banks are supposed to do.
Tinkering around the edges will not solve anything.
Feinberg, you are sapping everyone’s energy and patience while accomplishing nothing. You are a “Shitheel”.
That’s TGFD’s take on the subject. That’s all.
The Guy from Delaware
@15 the talent is going to go to some undetermined enterprises in some yet-unknown but loosely regulated jursidictions to traffic in some as-yet inexistent financial thingys with ill-defined parameters and little understood consequences. In a few years this will all be very clear.
nice work @27
“….his pay cuts may drive talent away from companies bailed out by U.S. taxpayers.”
A ha!! So, he’s afraid of losing the “talent” that wiped out trillions of dollars of savings, businesses, retirements and investments!
I’m afraid he is giving the word “talent” a bad connotation, like the words “shitheel dumbass traders and bankers” already possess.
@29 – Shut up, you know not what you speak of. Now scurry yourself off to your ACORN meeting and leave us banking folks to plot your demise.
@27 – Thank you. I will be sure to turn out the lights on my way out.
@30 = Mancission
I know it hurts, Tax Chick, but bankers and financiers painted themselves into a bunghole of late. Their squealing –like pigs caught under a gate– fall on deaf ears. Sad but true.
What’s a glossy seagull act?
TGFD have powerful JuJu.
@10 go hug a tree you freak
So forgive me, as I’ve been away for a while; but did Cluzo ever shag Tax Chick and is she fat as some as some have suggested?
-Mr. Between the Bags
Bankers and “top talent” shouldn’t be mad at the Gummint. They should be mad at their banking brethren who….well…..fucked them out of big, personal money for at least a generation. One doesn’t need a degree from MIT and “never lost money” to figure that out.
@35 She’s not that fat. More like Brooke Hundley, but not quite as attractive.
@35 Yeah Cluzo did try somethin’ with the ole’ “Alabama Black Snake” but he discovered Tax has sometin’ to hide kinda like Lady Gaga.
someone call me? @38, the term is the “black python”…snake sounds nefarious.
@cluzo
and “python” sounds….?
@31 et al – you got me. I am a fat slore of a wunt with dick. This didn’t stop Cluzo from bending me over his desk and choking me with his black python. Can we move on?!
@10, you are most likely a ‘net taker’ on society. Keep blaming everyone else for your weak paycheck and your Hyundai SUV.
@tax chicky – db proletariat know that I don’t let the mighty python choke on any old slore. now you’ve got them all confused (maybe that’s what you were looking for)…in the future, please do not sully my good name with such propaganda. if you want to tell them you put on the lbs because I left you on the desk with little more than a hand towel and haven’t called you since that steamy encounter (that’s your prerogative). that said, your secret will always be safe with me; I’m not the kiss/choke and tell type (if you didn’t know, now you know)…
@anal_yst – I think you know how it sounds…
@Cluzo – Let’s just say my mission is complete. That being said, I’m sorry you had to be a pawn in my little game. I promise not to use you any more, unless you are a willing participant.
I’ll bid 10 shares of WFC for the worldwide distribution/licensing rights to “DB:DP – Tax Chick v. InvestorCluzo (& Friends)”
@ 27. I could not have put it better myself. Wow, we get to have another bubble again. Can’t wait!