Welcome to the New World Reality
In case you were scrambling to find a store that still had chicken wings in stock and missed the Wall Street Journal Weekend Edition, a ‘new reality’ has set in among the slightly less masterful Masters of the Universe.
The Journal reports that since President Obama chided Wall Street bankers over their “shameful” redistribution of federal aid money to pay nearly $20 billion in bonuses, bank executives are now warning that further cuts could be made. Sen. Claire McCaskill introduced legislation that would limit the pay packages of financial executives to no more than what the U.S. president makes, namely $400,000. The writers of the piece, Aaron Lucchetti and Matthew Karnitschnig note that Goldman Sachs CEO Lloyd Blankfein earned that much in about two days in 2007. Here’s an excellent clip from Michael Lewis explaining that greed on Wall Street is a prerequisite.