Confidence
The classic refrain from Wall Street and the Republicans, in opposition to President Obama’s $500,000 cap on the salaries of those bank executives who have so failed in their jobs that they required billions of taxpayer money, is that 1) the market should determine the salaries; and 2) the best get paid the best.
Those two excuses are, of course, wrong. Banks were failing all last year, but the market did nothing to prevent those failed CEOs and executives from receiving hundreds of millions, if not billions, in bonuses that they did not earn. Indeed, some of the bonuses paid out had the feel of a literal robbery. And if these miserable failures in life did earn that money, if they were the best, then why are banks failing everywhere? Why did they need a federal bailout?
Logic is the enemy of Wall Street now, I suppose. It has always been the enemy of Republicans. But I digress.
His rotundness, Ric Struthers, the head of Bank of America’s credit card operation, was in Wilmington yesterday to talk about irony.
Yes, irony.