Bankers rank right up there with politicians, lawyers, journalists, serial killers and know-it-all bloggers (like me) as a species to be reviled. But, like it or not, they are essential to the maintenance of commerce.
Vikram Pandit and his carefully coiffed, sleekly suited and over perfumed brothers and sisters in the paneled walls of finance at Citigroup realize who butters their bread (the United States) and have manfully refused bonuses for 2008. What a blow for egalitarianism. They could take bonuses only at the risk, nay, certainty, of opprobrium at the hands of shareowners (again, the United States).
But to retain talent, as oxymoronic as that may sound in view of the train wreck that C, MS, GS, LEH, JPM and BSC are part and parcel of, requires some dough to be passed around. Fair? No. But life is unfair and if you want the bank to open for business in the morning and not lose your dough ya gotta pay up.
It's a free country, so you don't have to like it, and I'm sure you won't. Be comforted, though, that the bonus-less Mr. Pandit and his ilk will not miss any meals or be forced to ride the subway to whatever they call work these days, which I suspect is buying Treasury paper at zero percent interest with TARP funds and laughing at the guy or gal who wants to buy a house or start a business. Nice work if you can get it.
Whoa! Now I'm riled up. Can't wait for the bowl games to begin.
I expect Penn State to give USC a battle today, but then I expected the ACC's Georgia Tech to beat the SEC's LSU last night and woke up this morning to find the bayou tigers had romped over the ramblin' wrecks 38-3. I guess Les Miles had too much time to prepare for Paul Johnson's potent option offense.
This does not bode well for loyal sons and daughters of old OU against SEC opponent Florida in a week. I think Sam Bradford and the valiant Sooners will have to score on every possession to have a chance against Tim Tebow and his direct line to God.
Remember to eat salt pork and black-eyed peas today for good luck. It's a southern, hillbilly thing. I'm also fixing fried okra (rolled generously in corn meal). Y'all will be assured of a great 2009.
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