Poor Us: The Great Depression 2.0

February 27, 2009

Wall Streeters want bonues? Give them toxic assets

Filed under: Reduced Circumstances, Uncategorized — debacled @ 6:33 pm

pirate nation by vhm_alex @deviantart.comRecession Hacking is a new blog with an optimistic, Yes-We-Can motto, “Where New Things Replace the Old,” that aims to use the collective intelligence of the online community to come up with a way out of this mess.  There’s even an  wiki to collect all the collaborative wisdom.

And so  far featured at least one excellent idea, williamtheliar’s   Hack for Wall Street Bonuses.  To my mind, it’s a most elegant solution to mitigate the off-with-their-heads fury inspired by comments such as Morgan Stanley’s CEO John Mack telling Charlie Rose that while he didn’t require a bonus the bank’s  top traders/fund managers needed their $100 million kick backs or they’d seek work elsewhere.

Okay, if they need outrageous fortune, let those Pirates of the Universe  spin this chafe  into gold:

Give them what they deserve.
It still amazes me the millions in bonuses that were given out on Wall Street this year. Sure, a lot of people lost their jobs and those that stay need to be incentivised. What I don’t understand is why they are given our money, rather than some of the bank’s worthless assets that they helped create and sell to our pension funds.

Here’s a hack that will fix the economic situation: The banks have billions of $ of assets that they cannot find buyers for – Sub prime mortgages, Asset Backed Securities and CDO’s. Why can’t these ‘toxic assets’ be off loaded to the Wall Street big wigs as bonuses at current market value? This gets the assets off the banks books, feeds the greed for bonuses within a broken industry and makes the fortunes of the ‘over-paid’ directly dependent on the financial future of the ‘over-loaned’.

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