What a stunning display of "being out of touch".
Bank of America is worried that its failure to pay out about $50 billion in bonuses to top employees will cause many of them to leave the company.
Reportedly, the Bank worries that executives have "built a lifestyle" around the expected bonus and failing to deliver will cause dramatic harm to their lives.
Remember, that Bank of America received TARP money that the U.S. taxpayer must underwrite thanks to the Bush administration.
This should piss everyone off.
Here's my solution: Let the executives get mad and leave. Let's see them find other jobs in this economy. They'll feel the pains of fewer prospects that many others now feel.
Also, if these executives are so profligate in their spending that they cannot make it without excessive bonuses, then maybe they're living beyond their means. Not really a good sign for bankers.
Banks need to share some of the pain.
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