bank CEOs

Britain and US derail global deal to limit banker bonuses

It seems somewhat ironic that the two nations with the most bankrupt financial systems are the ones leading the offensive against reform.

Attempts to clamp down on bankers' bonuses to prevent another global financial crisis were in disarray last night as Britain and America opposed proposals by other European Union nations.
France led calls for a cap on individual bonuses but Britain and America, while backing common rules to prevent excessive bonuses, argued that a "pay policy" would be unworkable. They suspect that bankers would find loopholes such as incorporating bonuses into pay.

Video & Quotes from the Bank CEO Congressional Grill

Who does not enjoy a good barbeque? Today Congress had a very good roast. On the menu were TARP receipient CEOs.

Hopefully these words will turn into action and Congress will demand a better restructuring for the financial sector. I would prefer not blowing $2 trillion dollars ($3 trillion, $4? who's counting these days?) and simply nationalize the banks but hey, that's just me.

In the interim, I think we all can have some fun watching Congress roast these bank CEOs over the coals.

From reuters:

Taxpayers were screwed to the tune of $78 billion, much of it by the the firms represented here - Rep. Brad Sherman

Sherman - "Don't Insult Our Intelligence"