Bank Executive Kvetching

The news is filled with stories of kvetching bank executives whose banks took TARP money. They complain about government interference with their compensation. Socialism, no less!

In fact, they are the ones responsible for breaking the capitalist system chain. Pure capitalism dictates that their banks should have failed and they should have been out on the streets – unemployed; no compensation. After all, it wasn’t the government’s stewardship that took on risky loans; it was theirs.

Personally, I don’t advocate the government running a private business corporation, but when that company’s board and management take public money to avoid the consequences of their own management, sympathy isn’t my response. After all, not all banks failed or teetered on the brink or had to take TARP money.

Taking TARP money because of the need for the bank to perform its services to society puts those bank executives in the category of other public servants – albeit paid a lot better, even with the restrictions.

-AR, 12/18/09

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