Performing God's work is tough, and should be rewarded accordingly. So it's no surprise that investment banking executives are still bitching and moaning about a looming Federal Deposit Insurance Corp "clawback provision" that would give the government the right to take back up to two years of executives' pay if their banks fail and they ruin the global economy again. It's obviously The Poors' fault for being poor and and stupid and for losing their money, not the guys who are in charge of it.
"Vague and arguably unfair provisions would create powerful incentives for senior executives and directors with the best options to head for the exits at the first sign of trouble, lest a substantial portion of their compensation be at risk," top banking groups including the American Bankers Association, The Clearing House and the Financial Services Roundtable wrote regulators in May.
The FDIC is expected to accept this unjust and thoroughly communist part of the Dodd-Frank financial oversight law today.
[Reuters; image via Getty]