Most Americans are outraged by the size of Wall Street bonuses, and the fact that they have been paid even when company performances have been sub-ghastly, and while some firms are still only in business because of government bailouts. Wall Streeters nonetheless continue to defend these bonuses with a variety of rationales.
Who’s right in this debate?
Well, it really doesn’t matter, does it. And the reason comes down to The Street’s own prime axiom: The man with the gold makes the rules.
Merrill Lynch wanted to pay its own employees huge bonuses (deserved or undeserved) in the past, fine. That was Merrill’s choice. It was Merrill’s money. It had the gold and it made the rules. But when it’s Uncle’s Sam’s money, my money and yours that is doling out the compensation, Uncle Sam makes the rules.
You don’t like the new rules? Fine. It’s a free country. Quit and find another job. Or stay and get compensation, which on Wall Street averages three or four times the average pay of a typical working American.
Wall Streeters are supposedly tough. So bite it down. Just like the rest of us.