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This article is bullshit because alot of those banks didnt even need TARP money, they were forced to take it. This is a prime example of media ignorance.
I wouldn't say a lot didn't need it. If you count access to the discount window and any CDS payments from AIG as forms of TARP (which you should since they wouldn't have been able to pay those off had the US government not propped AIG up) then the majority of the BB benefited substantially from the overall bailout. Imagine a scenario where another 150 billion in fourth quarter 2008 losses are tacked onto BB banks and the capital markets are frozen. Realistically, JPM is probably the only BB that limps out of that without any intervention and that assumes some other form of counterparty risk from the failure of the others doesn't get them in the end.
Agreed, they needed it. I think what many people keep forgetting is that those giving out big bonuses have paid back the TARP funds and the government has made a large profit on providing the funds. If the shareholders of the banks don't make a fuss (they're the ones missing out on dividends that could come from the bonus pool), the rest of the country should stop whining. Many of those who complain now were part of the problem, taking out mortgages they knew they couldn't afford.
People are pretty stupid. This is reactionary and punitive. The beat talent goes where the best reward is. I don't know, maybe I am wierd, but I don't payattention to what other people make. If you wanted to be a teacher and knew before you started how much it paid you have only yourselfto blame when other people make more.
The government should of let the banks fail. Then people would realize how important a financial system really is.
Let them eat cake.
Do you really need the best talent to data mine and put pitchbooks together? Not discrediting my job, but i am fairly certain my buddies who graduated with a 2.6 and are making 36k a year are capable of editing a PPT and putting together a cap table...
You may not need the talent, but you do need the persistence and know how on how to break through to actually work at a firm that pays out the kinds of income talked about in that article (unless your ridiculously connected)
I think the old saying applies here: "if it was easy, everyone would be doing it"
I agree the banks made serious errors that resulted in the sub prime mortgage crisis/credit crunch, but its not like there wasn't anyone behind all those mortgages. Both the banks and the borrowers were responsible.
Yes, the banks received funds, and yes most of them paid them back within a very short period of time. If they did not receive funds what do you think would happen to the global financial system? the cost of food? energy? the general public forgets all of those factors.
Next time let the globally linked banks fail and see what happens to our world.
One world currency...
I think the MSFHQ is talking about the senior guys bringing in the relationships...they are the ones who will be making millions and will likely go where he can earn more
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