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October 23, 2009
Overpaid Dingbat Lectures Wall Street on Salaries
Posted by Gregory of Yardale at October 23, 2009 7:43 AM
Aging Obama Fluffer Katie Couric receives an estimated eight-figure salary ($15,000,000 per year, reportedly) while consistently finishing DFL in the nightly news ratings. But in defending the government's neo-Marxist foray into regulating executive pay, she presumes to lecture bankers and investors that their lack of performance should make them more humble.
Wall Street's seven figure svengalis got us into this mess in the first place. And taxpayers kept them afloat. Now isn't the time to pat themselves on the back. A little humility, not hubris, is in order.
Katie should be glad CBS doesn't pay on the basis of performance, or she'd be making less than the Drive-Thru girl at Taco Bell. ("I'd like a chalupa and a diet Pepsi please." "Que?")
The bankers who eagerly accepted taxpayer-funded bailouts have no room to whine. Like the scorpion said to the frog, "You knew what I was when you agreed to help me." What I am concerned about is that this is just the first stage of the broad regulation of compensation sought by Barney Frank and other radical Obamunists.
Comments
The neo-Marxists can't even advance a coherent argument on this issue.
According to them, pay over a certain level is bad, yet they claim to respect it at firms not requiring taxpayer money. Their motive for wanting to cap pay at bailed out firms is to prevent loss of taxpayer money.
What none of these apparatchiks will admit is that by capping pay at bailed out firms, the very people who can turn these firms around and recover the taxpayers' investment will be discincentivised from working there. After all, if you understood these complex financial products and could put up with the stress and pressure of the banking lifestyle, why would you settle for $500k plus limited bonuses at Citigroup when you could go down the street to Goldman and make several million with better bonus prospects? Anger over the bonuses is one thing, and based in ideology. However, these neo-Marxists are either too stupid or too obstinate to admit that, to recover the taxpayers' investment, the bailed out firms must earn profits, and they cannot do so without investing in human capital. Regardless of your personal feelings about the upper class, keeping talent at bailed out firms to facilitate the taxpayers being made whole simply make good, pragmatic sense.
The pay cappers fall into one of two classes:
1. True Marxists who want to strangle all executive pay, but are starting with the bailed out firms as a matter of political expedience.
2. Idiots who don't understand market competition for those capable of doing what is a very complex and stressful job.
Group one was successfully predicted by Rand over fifty years ago. These statists will eventually call for pay caps at all firms (as is being debated at the Federal Reserve right now) so that bailed out firms can compete "equally" with private firms - just like the anti-Dog Eat Dog law from Atlas.
Group two doesn't have a clue. These are the people who think either that investment banking is all fun and games, and that ibankers would still put up with it for a relatively modest salary, or that ibanking is easy and anyone with a college education can do it. For the latter, if it is so easy to make big profits, and the current executives don't possess special skills, then why don't you apply to Goldman and show them just how effective someone who majored in bisexual Asian studies can be in the investment banking field. If anyone can do it successfully, then surely there should be no shortage of winners willing to work for even $100k, right?
Posted by: Anonymous Countermoonbat at October 23, 2009 8:47 AM
Aging Obama Fluffer Katie Couric
Who?
Posted by: Jay Guevara at October 23, 2009 9:01 AM
I love that episode of Southpark! I get it now about the standard measure for crap (I be slow sometimes...lol). Thank you for explaining it. lmfao!!!!
Posted by: obamasux at October 23, 2009 9:07 AM
Jay,
I think she used to work for air America. :)
Posted by: Farmer Ted at October 23, 2009 9:07 AM
Bwahahaha!
Posted by: Jay Guevara at October 23, 2009 9:44 AM
That old hen is giving SPURWING PLOVER headache just listening to her mindless clucking
Posted by: Spurwing Plover at October 23, 2009 2:43 PM
They should be paying Katie in Courics, which unfortunately are probably worth more than dollars now.
Posted by: Judith M. at October 23, 2009 5:30 PM
I thought the Pelosi was the unit of measure.
Or is it like Metric, ten Courics to a Pelosi, Ten Pelosis to a Waxman, Ten Waxmans (Waxmen?) to the TedK Ten Tedk's to the Fonda, and Ten Fondas to the Kerry.
Posted by: Windy Wilson at October 23, 2009 5:34 PM
And it's ten Kerrys to the Gore...
Posted by: harry at October 24, 2009 5:41 AM
