To Bankers: Go Ahead and Leave

Feeling cornered like feral animals, the Wall Street executives have been lashing out at the blasphemy of the Obama administration imposing pay caps (to a measly $500,000). The bankers cry "You'll see, damn you!" as they try to threaten us with the possibility this new compensation restriction will likely drive the best banking talent elsewhere to get what they consider to be their due. In this environment, who are they kidding? The financial sector brought us here to begin with, and I can't think of many companies right now who have the budget to give them top dollar.

Truthout gets more to the point, and calls their bluff: Who cares?

But, let's take bankers at their word. Let's say many of the "best minds in banking" will go elsewhere if serious pay restrictions are imposed. The question we have to ask is: so what? The answer is: this may be a blessing in not that much of a disguise. [...]

But what about the argument that the pay caps will make us loose the "best brains," as this restructuring takes place? Well, who are the highest paid bankers, the ones who should (but might not) chafe most under the new restrictions? The highest paid bankers are the "deal makers," the "rain makers," the ones who figured out how to create the toxic securities, the structured investment vehicles, the credit default swaps and sell them around the globe.

We do not want these kind of deals to be made anymore and so we do not need these top brains - or any brains - to make them.

Of course, none of this would be happening were it not for one thing: greed. It's the key ingredient that makes capitalism and politics work, and it's not going away anytime soon. I'm sure the bankers will come up with new ideas to satisfy that hunger, that insidious need for excessive wealth.

Maybe we'll see some of them in Handy Housewife Helper infomercials.

[H/T to Mike]