I Find This Absurd
Douglas McIntyre recently wrote an article claiming that we (specifically the Treasury) need to greenlight bonuses for Citigroup’s (and presumably others’) bankers. He makes the argument based upon the fact that these people generate a lot of money for the company and they offset the losses of the other divisions of the company. He also claims, rather spuriously, that these people will either leave for hedge funds, leave the U.S. for overseas jobs, or start their own ventures.
They won’t leave the U.S. because moving overseas is a major life decision. Some may, but they will not leave en masse. While many countries don’t have the pay restrictions that we have implemented, their economies are not in very good shape either. Assuming that these people are special (which I don’t…based on their complicity in the scandals), I posit that it would be a good thing if they started their own businesses.
I find this article to be pandering and reeking of …well, I am sure you can imagine.
Check it out for yourself: