seajane

Thoughts from a Yellow Dog Democrat living in Olympia, in the great BLUE state of Washington

I am a liberal because it is the political philosophy of freedom and equality. And I am a progressive because it is the political path to a better future. And I am a Democrat because it is the political party that believes in freedom, equality and progress. -- Digby

Tuesday, February 17, 2009

Bonuses on Wall Street

I keep hearing this excuse for bonuses for Wall Street -- it's a carry over from when they were partnerships and had low pay and their real renumeration was the partner dividend or bonus. Really?

So back in the day of partnerships, what happened when the firm didn't make a profit? Answer: the partners ponied up more money to recapitalize the firm.

When they were a partnership, they had fiscal responsibility and consequences. But now when they have faceless stockholders and taxpayers picking up the losses, we owe them both big salaries and big bonuses just like they were profitable and successful.

Bull shit!

When is someone from the MSM going to call them on this?

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