Taxing Banks for the Bailout
On Wednesday night I spoke at the Rotary Club in Boston. We discussed my novel, Top Producer, but concentrated on Wall Street and the topic of bonuses. It seems everybody wants the finance industry to justify its compensation.
Bank CEOs have taken their case to the public. But they haven’t been effective—with the possible exception of John Mack who’s not taking a bonus this year. The poor public relations made me wonder what people in the trenches have to say. So I pose the following question to traders, bankers, and anybody working in finance south of the CEO position.
What do you think about your bonus?
Let’s get past the obvious. Nobody ever turns down a check, especially when it’s six, seven, or eight figures. But go ahead. Take stab and tell us what justifies your comp. Or deep down, do you have your own misgivings?
From personal experience, I know Wall Street people can’t talk to the press. That rule probably extends to the blogosphere. But if you’re in finance, comment here where you can be heard and remain anonymous. Your bosses have done a terrible job making the case for pay.
Wall Street CEOs rang up a big zero on the good-citizen scoreboard. Banks now face potential fees of $120 billion. And in many cases, the government levies will exceed bonus pools—if the law is enacted. Who loses? Shareholders for one. I’d be ripping mad as an investor or as an employee with stock awards.
It you don’t work in finance, re-tweet this post to your followers. The idea is to ask as many finance people as possible to weigh in on this question: What do you think about your bonus?
The New York Times describes my novels as “money porn,” “a red-hot franchise,” and “glittery thrillers about fiscal malfeasance.” Through fiction I explore the dark side of money and the motivations of those who have it, want more, and will steamroll anybody who gets in their way.