Rewarding total failure.
Barney Frank proves the broken-clock theory. But broken clocks still suck.
According to a report from financial news agency Bloomberg, Goldman Sachs, for example, has set aside $6.8 billion for bonuses, and Morgan Stanley, $6.4 billion…
And the chairman of the House Financial Services Committee, Massachusetts Democrat Barney Frank, isn’t happy. “These are people who lost enormous amounts of money,” Frank observes. “How do you give a bonus to someone for having failed so badly as many of these people did?”
One the other hand, I also think it’s a tragedy Frank was re-elected after denying Fannie’s problems unto death and pushing loans to people who don’t qualify for them, thus creating the toxic debt that was repackaged and sold all over the world, bringing the global economy to a halt.
