It seems our fondest wish has come true. It seems that everyone has finally stopped listening to anything Barney Frank says. How else could it be that after his most recent ruckus about extending compensation limits to all public companies we have this:
Wall Street expects the U.S. to loosen compensation caps for banks that received taxpayer aid, three months after Merrill Lynch & Co.'s $3.6 billion in bonuses drove Congress to impose them, according to executives at four of the country's biggest financial firms.
Someone failed to get the memo, we think. The plan was to strengthen the grip, not loosen it.
Banker Pay May Escape Obama Caps as Wall Street Eyes Guidelines [Bloomberg]