Wall Street spitting teeth over the "Dodd amendment" in Obama's fiscal stimulus

beaujolais-nouveau

The $787bn package, which is now ready for Mr Obama to sign into law, represents the most important legislative effort yet to pull the US out of its continuing recession.

Under a little-noticed amendment, the package also imposes tough new caps on top bankers working for US financial groups that have received government aid.

Wall Street executives are enraged by the new pay rules, which will limit bankers’ bonuses to just a third of their total compensation and force them to take it in stock that cannot be sold until their companies repay the government funds ...

Wall Street executives argue that extending the bonus cap beyond the executive suite would penalise traders and investment bankers who may have nothing to do with the companies’ losses or strategic mistakes.

“They are attacking the wrong guys,” one said. “Capping pay for executives is understandable, but forcing bankers to take small bonuses will just drive them away.”

http://www.ft.com/cms/s/0/643a02fa-f9f9-11dd-9daa-000077b07658.html?nclick_check=1

No more pork barrel for Republican cronies. My heart bleeds for them. Not.
Where is our Barack Obama - an intelligent, democratically elected "outsider" who can cut through all the c r a p ? Who has never been known to pick his nose in public.

incher

“They are attacking the wrong guys,” one said. “Capping pay for executives is understandable, but forcing bankers to take small bonuses will just drive them away.”

One wonders where exactly these bankers are going to go, once driven away?

beaujolais-nouveau

incher wrote: »

One wonders where exactly these bankers are going to go, once driven away?

Indeedy, where are they going to find another bank to wreck? :D