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Mo money:

The Bush administration has proposed granting unfettered authority for the Treasury Department to buy up to $700 billion in distressed mortgage-related assets from private firms as part of a program that Treasury Secretary Henry M. Paulson Jr. said “has to work.”

“I hate the fact that we have to do it, but it’s better than the alternative,” Mr. Paulson said on “Fox News Sunday.” “This is a humbling, humbling time for the United States of America.”

[…]

Mr. Frank said earlier that Democrats were particularly intent on limiting the huge pay packages for corporate executives whose firms seek aid under the new plan, raising the prospect of a contentious battle with the White House.

“They should accept some compensation guidelines,” he said, “particularly to get rid of the perverse incentives where it’s ‘heads I win, tails I break even.’ ”

But Mr. Paulson said he hoped to defer such an effort. “Pay should be for performance, not for failure,” he said. “But we need the system to work, so the reforms need to come afterward.”

Wow. First off, I personally am not "humbled" although Mr. Paulson and his buddies back at Goldman Sachs and Lehman Brothers should be, particularly when they have to lay off one or two mistresses and have to ask for the deposit back on the solid platinum yacht. That’s got to be pretty fucking embarrassing. But I’m not wild about the whole idea of paying for "performance, not for failure" which is nothing less than giving them a mulligan ("Wow, you shanked that one right into the Lake of Fire and Eternal Damnation. Why don’t you tee another one up and we’ll forget this ever happened.") for the sterling work they have done thus far.

To put it another way:

Ever tried. Ever failed. No matter. Try Again. Fail again. Fail better.

is no way to run a financial institution.

TBogg

TBogg

Yeah. Like I would tell you....

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