He said he opposes a limit on bankers' bonuses because it could make senior executives quit.
And do what?
"The unintended consequences of an un-level playing field could mean that at a time when you want stability in senior management and you want your banks to be more successful again, I would worry that you could potentially lose senior executives," Kelly said.
Losing the cream of the crap is a feature, not a bug. Multiple bank failures & widespread insolvency are prima facie evidence of incompetent management deserving termination, not just withholding bonuses. Solvent, profitable banks should be free to pay all the bonuses they want. Name a couple of big, solvent, profitable banks. |