Wall Street onus culture

Posted by Marc Hodak on January 14, 2010 under Politics, Reporting on pay | Read the First Comment

Could a so-called news report begin with any louder bias than this?

The fat cats were supposed to get their comeuppance.

If we’re going to assume that the market for talent doesn’t exist, which this entire article does, then, sure, I can see the problem in banks refusing to simply cut back on what they pay their people.  But why not assume that the market for real estate is arbitrary, too, and lament the fact that banks are still paying almost the same rents as they did in 2007?  Or that the market for loans is arbitrary, and lament the fact that banks could simply charge less interest to everyone?

One thing that apparently doesn’t change is the market for envy, which is counted in circulation and votes.  If you can tap into that ever more profitably, you’re considered quite a fine fellow.