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January 29, 2009

News Topic of the Day: Wall Street Bonuses and Obama

The bonuses paid by companies that failed (or rather were in danger of failing and needed a rescue) have received a lot of attention recently, including from Obama today.  Below are stories tied to this theme. 

A GREAT POST: from Bernard Harcourt at the Faculty Blog at the University of Chicago Law School: cut a $4 Billion Check!

Personally, I'm less convinced the problem is with the companies and not with the government.  If somebody is given money without strings attached, I'm not sure how successful calls for responsibility will be absent meaningful limits on compensation (say a requirement that companies getting bailed out limit pay in a more meaningful way than what has happened so far as a condition of getting money).  They do seem to be playing a game of chicken, basically daring the government to decide not to step in. 

-E.R. erosser@wcl.american.edu

January 29, 2009 in News Coverage of Poverty | Permalink

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