Some Wall Street executives in line for fat bonuses are akin to "mad scientists" whose brilliance justifies the size of their pay packages, the head of the U.S. Chamber of Commerce said on Tuesday.
Thomas Donohue, president of the biggest U.S. business lobbying group, said he empathized with public anger at big bonuses paid by banks that also received taxpayer bailouts -- but only up to a point.
"There are (compensation) numbers that seem obscene to the average person, and maybe to me," Donohue conceded, in response to a question.
But he said many recipients were being paid in stock and that the amounts reflected that they are "very unique kinds of people."
"They are like mad scientists," Donohue said at a news conference held to discuss the chamber's legislative priorities. "They are all mathematicians, and they are very mobile. They can go to private equity and hedge funds."
This is bunk. We do not pay our real scientists enough and now we are supposed to reward the "mad scientists" of Wall Street ?
ReplyDeleteOutsource ! I think we do not need these folks and question their "mad science" too !
"Outsource" brains sounds funny...it's like asking 9 women to deliver a baby in one month. Quantity can not substitute the quality in this kind of matters :)
ReplyDeleteWell, Mr Tobias, when you're in the position to hire a "Mad Scientist" at a trading firm, then you can make an informed decision as to whether you need them, and at what price. Until then, you don't have a clue.
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