Evidence of Wall Street’s Arrogance
Posted by thebagofhealthandpolitics on October 22, 2009
In this morning’s Politico, a banker claimed that the pay cut the administration pushed through gives him an excuse not to lend to small businesses::
But Camden Fine, president of the Independent Community Bankers of America who attended the event with Obama, says the paymaster’s decision could doom the idea. That’s because community bankers will be loath to take TARP funds if they think Feinberg will set their pay.
“They’ll say, ‘I’m not going to touch the TARP, or the government’s going to come down on my pay,’” Fine said.
Once again, Wall Street doesn’t think about what is good for the country–increasing lending to small businesses, even if it means forgoing those $3,000 brunches, ultimately helps everyone. The creation of new jobs means people can meet their mortgages, buy new cars, and pay off past debts. Unfortunately, Wall Street is so focused on itself that it cannot see the forrest through the government-funded money tree.
