man it would suck bigtime if you're a great trader at goldman who make the firm 200 million and now your 20 million bonus gets cut to 200k.............or what if you were a responsible executive that argued for less risk taking at the bank......this isn't fair instead of going after everyone they ought just go after the real bad guys.........mozillo, hank paulson, blankstien, thain, cassano, etc.
As I understand it, the tax applies to firms that took TARP funds. The sooner the firm pays back the money, the sooner they can go back to overpaying their people. One thing to remember is that most, but not all, of the firms that took funds would be out of business or a penny stock without the funds. So limiting pay for a while until they can stand on their own is better than the firm being liquidated.
it would suck even worse if you didnt realize that a 90% tax of 20 million gives you 2 million, not 200k.
probably 1 million people work at these banks, they are not all incompetent.........they should seize the assets of all the CEOs and chairmans of these banks from 2003-2009......especially bob rubin and hank paulson to indiscriminately go after anyone making over 250k is just stupid.......because that includes traders, tech guys, analysts, and other people not responsible for the mess
It's readily apparent that many in our government, and several of those who posted above, just don't get it. Large financial institutions are comprised of hundreds of groups....many of which are wildly profitable. So, tell me, as a shareholder in xyz bank, do you want the truly talented revenue generators to leave?
All they have to do is pay back the TARP money, and then this new tax does not apply. The banks that did not take TARP funds are smiling.