Bloomberg reports that Representative Barney Frank (D-MA) has called for a freeze on Wall Street bonuses, at "all firms," and not just those relying on the kindness of Bald and Bearded strangers. "There should be a moratorium on bonuses," Frank said yesterday. "They have a negative incentive effect because they are the ones that say if you take a risk and it pays off you get a big bonus...and if it causes losses...you don't lose anything." He's, right, you know. I mean, yeah, it was really only higher ups who perpetrated the monumental fuck ups we're currently paying for, including but not limited to the barbershop quartet of, say, Dick Fuld, Stan O'Neal, Chuck Prince, and Jimmy Cayne (with back up dancers Angelo Mozilo, Alan Greenspan et al.), but surely something will come of cutting the annual take-home of low-level plebes who were minding their own business placing Seamless Web orders while their boss's boss's boss's boss's boss was investing in that can't miss asset class, subprime.
The only thing is, we're not sure Barns has gone far enough. No bonuses for anyone, yes. But that's like trying to put out a forest fire with a bottle (essentially) non-alcoholic MHL. We need more power. Off the top of our heads we're thinking a moratorium that included keyboards, desk chairs, and bathroom passes would make this thing that much more effective. Only when those fuck-sticks learn the value of being allowed to relieve themselves whenever they want will we turn this culture of greed around.