As you're aware, having seen the promos for the last week, CNBC will air "Meeting of the Minds" tonight at 9PM, a previously taped roundtable interview with Maria Bartiromo, Jack Welch, Larry Fink, Mohamed El Elarian, Vikram Pandit, Cliff Asness and others. Many, many topics were covered (life, love, the art of making the perfect bacon, egg and cheese sandwich), including the anger and confusion the big brains at the table are currently feeling, and what they want/need moving forward. Sayeth Cliff:
You talk about trust I want to see someone in government someone who was telling us Freddie and Fannie were fine three weeks before they were incredibly not fine ever say anything sounding like a mea culpa. Jack called it a hair shirt, we're all...I apologized to my clients we are all walking around apologizing.
If he can do it, so can you, government hacks! Waiting. Just waiting. (In lieu of an apology, he'll take Barney Frank wearing a hair shirt.)
And here's Vikula on compensation, which I guess everyone at Citi should take careful note of:
I hear the president talking what America's feeling. They're feeling exactly what Mark said, a lot of things went wrong, a lot of people are involved, but the bankers and the banking systems was at the heart of this and there has to be some retribution and by the way there is a strong sense of belief that we didn't have the guardrails to control capitalism, therefore we didn't have the right governments and compensation was a big part of having the right governments in place. And if you want to shift to the right kind of compensation governance, the right kind of incentives, such as what Jack designed at GE. Sometimes you need shock therapy.