The banking industry argues they had to give $18 billion in bonuses to retain top talent. They also bemoan the fact that the industry lost 260,000 jobs in 2008. Exactly which failed bank do they expect their failed “top talent” to defect to?
The rush to infuse banks with taxpayer money has ensured that bankers are allowed to continue making the same disastrous mistakes that got us into this mess in the first place.
Instead of complaining about Wall Street executives using taxpayer money to buy corporate jets, redecorate their offices and pad their pockets with bonuses, Congress should protect taxpayers who are losing their jobs and homes by writing strict laws that prohibit such irresponsible behavior.
David A. Young
As a one- time community banker and CEO, I give kudos to Kansas City Federal Reserve Bank President Tom Hoenig for his comments concerning a number of major banks in today’s fiscal crisis. He is right on target as to let the banks stand or fall rather than be infused with taxpayer dollars (3/7, Dollars & Sense, “Tougher stance urged”).
This would be tough on investors, but investing always has an element of risk. As for depositors, that is what the Federal Deposit Insurance Corp. is all about.
Mr. Hoenig should be our secretary of Treasury.
Phillip J. Zeller, Jr.
Junction City, Kan.
If anyone can get our president’s ear, let him know this. Some weeks ago there was an answer in the New York Times puzzle: “Capitalism without failure is like religion without sin.” The quote was from a noted economist named Allan Meltzer.