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Schumer: Banks Won’t Take Help if CEOs Don’t Get to Keep Huge Salaries

Enough already with statements like this:

… imposing tough requirements on the banks for executive pay could mean that fewer banks will choose to enroll in the program…"I believe you have to thread the needle," Schumer said in an interview. "You can’t make it too sweet but you can’t make it too sour."

Forget the danger of the financial crisis, the level of manure is rising so high it may choke the entire nation to death.

We’re supposed to give banks a 250 billion dollar capital infusion at far worse terms than Buffett got when he bought shares, then about another one and a quarter trillion, but they refuse to take the money if it comes with the condition that they take a pay cut? People are making this argument with a straight face? And we are supposed to pretend we take them seriously?

Who cares what Bank CEOs want? The government could nationalize the banks tomorrow, if it chose. If the government thinks that the companies need the money, the government can force them to do whatever the hell it pleases. That’s what it means to be the government. As for the CEOs and executives, they can be tossed out any time the Fed feels like it. If they’re such selfish bastards they’d rather their companies went bankrupt than take a cut in pay, they deserve to go. And if their companies don’t need the money, well hey, that’s fine too.

We’re begging them to take a trillion dollars or so, for the good of the country? Is this for real?

The government is not a supplicant. The government does not need "cooperation". If the banks are not doing their job, are bankrupt, or need help, the government has the power, the right and the responsibility to make them do what they want. If nothing else, the government can simply nationalize them. And of course they are all saying "we don’t need help". If you were a bank would you admit "well yeah, actually, without this money we’re insolvent. Let the bank run begin now."

As for Schumer, he should shut his trap. He’s one of the people responsible for the weak executive compensation language in the bill. Stronger language could easily have been put in, it wouldn’t have caused one Democrat or one Republican to vote against the bill. He’s a flaming hypocrite and he’s well aware of it.

Truly, we are in Wonderland.

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Ian Welsh

Ian Welsh

Ian Welsh was the Managing Editor of FireDogLake and the Agonist. His work has also appeared at Huffington Post, Alternet, and Truthout, as well as the now defunct Blogging of the President (BOPNews). In Canada his work has appeared in and BlogsCanada. He is also a social media strategy consultant and currently lives in Toronto.

His homeblog is at