Some Compensation Experts are saying that the President went too far because the talented employees that have been earning a lot more than $500,000 will leave the struggling banks to take jobs at banks that do not need bailout funds. I hope that is a promise rather than an idle threat. After all, what good have they done where they are now - their bank failed!
The same experts also said that these managers will not be able to maintain their current lifestyle with only $500,000 per year. When millions of Americans are out of work and millions more soon will be... When millions of Americans have lost half of their retirement savings... When millions of Americans are losing their homes... because the Greedy Wall Street managers destroyed the economy after the government deregulated the banks, insurance companies and commodity trading... How can they complain that they can't live on $500,000 a year? Simple. They only care about themselves; nobody else matters. Really! It is that simple.
We have a name for people like that - Sociopath. The following is a brief description of a sociopath. Let's see how well it fits the conduct of the Wall Street managers who have just awarded themselves $18.4 billion of taxpayers money.
- Glibness and Superficial Charm
- They never recognize the rights of others and see their self-serving behaviors as permissible.
- Grandiose Sense of Self - Feels entitled to certain things as "their right."
- Lack of Remorse and Shame - The end always justifies the means.
- Incapacity for Compassion
- Callousness/Lack of Empathy
- Not concerned about wrecking others' lives and dreams. Oblivious or indifferent to the devastation they cause. Does not accept blame themselves, but blames others, even for acts they obviously committed.
- Criminal or Entrepreneurial Versatility
I hope that they all leave Wall Street.