Saturday, January 31, 2009

Shameful. Irresponsible.

President Barack Obama hit the nail in the coffin by calling it "shameful" and "height of irresponsibility" for bank executives to be paid more than US18 billion in bonuses last year while their crumbling financial sector received bailout from American taxpayers. Vice-President Joe Biden said the level of Wall Street bonuses "offends the sensibilities"

Nothing is fair in this world. For the bonuses that these shameless executives paid themselves, probably more than 90% of the population in this world need to work a few life time!

I think one of the reason for the present financial tsunami is that CEOs and senior executives of the major corporations are overpaying themselves even for mediocre performance, resulting in high labour cost top down, inflation and excesses at the expense of the poor.

Something ought to be done to curb the ever increasing bonuses to these executives, such as bonuses should not be more than the President of United States, the most powerful man on earth and more equitable distribution of wealth to their workers. Just a silly idea.

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