With a sad shake of our heads and an audible sigh we read the article By Jim Puzzanghera and Nathaniel Popper Pay czar slams bonuses but doesn’t seek refund and agreed that “it’s just politics”. Clearly our Special Pay Master, Pay Czar, or whatever you care to call him really didn’t have much influence over anything payments made by TARP companies. The nose thumbing that makes Wall Street universally disliked by Main Street was this time, clearly directed at Feinberg with them saying, in effect “we don’t damn about how you think we should run our companies.” And Feinberg blinked.
But a politician facing re-election in the fall knows a vote is a vote, whether the voter is part of the pitchfork crowd or not. A vote by someone who understands the situation is equally as valid as a vote by someone who does not. And it is important to a politician to know on which most of the votes lay and then get your voice behind that position.
Class warfare has always been a winner with politicians and we expect that the next headline will be “Pitchfork Concession Stand Makes Millions!”
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