dailybeacon

“Free” money makes people do some very strange things.  How else do you explain bonuses to bank executives who work for banks that took money from the bailout in December because they were failing.  That would be the first bailout.

   There is no justification for paying bonuses to executives who played their harps while Rome was burning.  Employees, if they did the job they were assigned to do and did it well, should be treated differently.  The buck of failure should stop with the bank administration.  Exorbitant bonuses should stop period.

   President Obama said today that no executive from an institution using bailout money should be paid over $500,000 a year.  In almost any situation, I could not agree with government intervention in private business.  However, if you need to take “free” money to hold you over and don’t demonstrate the responsibility incumbent with borrowing public money to survive, this expectation strikes me as reasonable.  Have you ever noticed how many laws are the result of irresponsibility.  If we don’t police ourselves, than someone else needs to and in this case banks and car companies have not shown the ability to police themselves.  Sad but true.  I think my face is going to crack.

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