In today's Washington Post, Frank Ahrens rounds up the most significant quotes of 2009 about the most incendiary business topic of the year, pay and bonuses. He includes statements from those who approved -- and received -- bonuses like Goldman Sachs' Lloyd Blankfein and those who objected to them but did not come up with a way to stop them like Larry Summers.
The issue was emotionally loaded because it struck at the heart of broader debates over wealth, fairness, the role of government and the nature of capitalism. And what probably infuriated people most was their deep-down belief that, in the end, Wall Street wins. That seemed confirmed by an October report in the Wall Street Journal that said compensation at banks and securities firms was on pace to hit a record high in 2009, despite government rhetoric to the contrary.
Ahrens points to conflicts of interest that broadened the gap between rhetoric and action:
There was also a bit of kabuki -- politicians beating up on bankers, but only to a point, knowing they would have to turn to them in the future for campaign donations.
It is well worth reading if just for Ahren's funny but very apt translations and for an explanation of the acronym HENRY.
Nell Minow - Editor
