Friday, March 20, 2009

Bankers Going Galt

It seems it's inevitable. Washington can't help itself. They are acting out the plot of Atlas Shrugged with a stunning quickening of pace. This last round of punishment is making waves, and it seems that according to this FT reporters story, the inevitable exodus from the scene by the movers and shakers.

By FT reporters

Published: March 20 2009 19:39

Bankers on Wall Street and in Europe have struck back against moves by US lawmakers to slap punitive taxes on bonuses paid to high earners at bailed-out institutions.

Senior executives on both sides of the Atlantic on Friday warned of an exodus of talent from some of the biggest names in US finance, saying the “anti-American” measures smacked of “a McCarthy witch-hunt” that would send the country “back to the stone age”.

There were fears that the backlash triggered by AIG’s payment of $165m in bonuses to executives responsible for losses that forced a $170bn taxpayer-funded rescue would have devastating consequences for the largest banks.


No comments: