The Bloomberg Proposal

Author:
Publish date:

Like many of you, Mike Bloomberg was listening with rapt attention as President Obama laid out his plan for how the banks should run, moving forward. And, in response, he has some ideas of his own, for Washington. First off, and this is just a proposal, nothing's set in stone yet-- go fuck yourselves. Second, you get our prop desks, bonuses etc, we take your salaries. Sound good? Like a fun tit-for-tat type thing? Would really like to get your thoughts on this one.

President Barack Obama's demand Thursday that Congress clamp down on the size of banks and their investments got major blowback from New York City Mayor Michael Bloomberg, who said it could cause layoffs and hurt the city. Mayor Bloomberg said the banks and Wall Street are part of the bedrock of the city's economy, and efforts to slash their business just means less tax revenue for the city, which brings up the dreaded "L" word. "I just find it sort of ironic that congressmen, senators who make more than double what the average person working in finance makes -- they're the rich ones and they're talking about trying to restrict bonuses and taxing the industries that are our lifeblood," Bloomberg said.
He added that if bankers have to put their bonuses in escrow until deals they made pan out, perhaps Congress should do the same with its own salaries.

"There's a big consequence of the legislation they pass. Maybe we should hold back their salaries for a decade or so and see whether the laws they pass work out," Bloomberg said.

Bloomberg Hammers Obama, Congress Over Bank Plan [WCBS]
Bloomberg: How about basing pay on performance in Congress? [NYP]

Related