Ten Reasons Why "Fat Cat" Investment Bankers Need To Be Severely Penalized & How - Steve Blacker - MediaBizBloggers

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Published: January 13, 2010 at 11:19 PM GMT
Last Updated: January 13, 2010 at 11:19 PM GMT

By Steve Blacker

"The level of anger is extremely high against those who led Wall Street into the abyss, in part because they never stepped forward to apologize for the mess they made."
-Michael Useem, Wharton School, The New York Times 1/13/10

1. They create no new jobs - only lose them!

2. They build nothing but profits for themselves and no one else.

3. They continue to invest in high risk ventures and do not lend money to small businesses who require loans to stay in business and grow regardless of how high their credit ratings might be.

4. They continue to falsely believe they are entitled to outrageous and unjustified bonuses made mostly now through government bailout money - which they gambled with again.

5. The government regulators for the most part come from the very investment community that got us in all this trouble in the first place. How can we expect the people who created the problem to fix it?

6. They continue to put our economy at risk needlessly so they can continue to be entitled to large bonuses, knowing if they fail the government will bail them out again.

7. They show no remorse whatsoever for their prior actions and are only creating new schemes to put our economy at risk again.

8. All bonuses over $500,000 should be taxed by the government at 85% and help reduce the deficit these same bankers caused.

9. All stock options granted as bonuses could not be exercised for a minimum of five years.

10. Executive salaries could not be increased by more than 10% a year.

If the above forces investment bankers to seek "real" jobs in some other business sector, I would be greatly surprised. If President Obama does not take action soon against investment bankers the public's anger, regardless of whether one is employed or not, will bring his approval ratings to a new all time low. Unless the Republicans can make some viable suggestions a "Third Party" will emerge, and its candidate will win the next presidential election.

Steve's new book You Can't Fall Off The Floor - The Insiders' Guide to Re-Inventing Yourself and Your Career chronicles his 50 year career working for over 25 different companies with 189 lessons learned and insider tips from Gayle King, Cathie Black, Chuck Townsend and 28 others; Blacker is still going strong today as a partner in Frankfurt & Blacker Solutions, LLC. His web site is blacker-reinventions.com and e-mail address is blackersolutions@aol.com

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