@rosborne979,
Quote:I bet there's a whole lot of people out there who would just love to make a $0.5million a year salary, and would be just as good at the job as the guys who were making $10million in bonuses.
Janitors and wet-behind-the-ears college grads might agree with you but is that the kind of
"experienced" person you want to turn around the largest banks in the U.S.?
No truly qualified, talented and experienced candidate would accept a position for $500,000 plus stock options to try to turn around a government infested financial firm that has an unknown amount of cancerous assets and an uncertain viabilty.
Stock options in a bankrupt firm are worth ZIPPO.
So, $10 million as CEO somewhere else or $500,000 + worthless stock options...hmm, I'd have to think about that one.
That means that the only guys who would be willing to hold these positions at this compensation level are the ones who caused the problems in the first place because they know that they would be unemployed otherwise!
Great job Obozo! Your quest to nationalize the banks is working!