Militant Welfare Queens

[marmar]

Wall Street chiefs grumble about bonus-tax bill
Citi's Pandit says it will scare away talent; B of A's Lewis cites 'grave concern'

By John Letzing, MarketWatch


SAN FRANCISCO (MarketWatch) -- Top Wall Street executives reacted harshly on Friday to proposed legislation that would punitively tax bonuses awarded to employees at firms receiving federal assistance.

Citigroup Inc. Chief Executive Vikram Pandit and Bank of America Corp. Chief Executive Ken Lewis issued strongly worded internal memos about the proposed tax legislation, according to the online edition of The Wall Street Journal, while J.P. Morgan Chase & Co. Chief Executive Jamie Dimon sought to reassure his top executives that the firm is engaging with lawmakers on the matter.

The legislation, passed by the House on Thursday, would impose a 90% tax on bonuses for employees making over $250,000 a year at companies receiving at least $5 billion in federal aid under the Troubled Asset Relief Program, or TARP.

Citi's Pandit criticized the proposed legislation in a memo to employees on Friday, arguing that it could result in the firm losing top talent.

"The work we have all done to try to stabilize the financial system and to get this economy moving again would be significantly set back if we lose our talented people because Congress imposes a special tax on financial-services employees," he wrote.

"It would affect countless number of people who will find it difficult, if not impossible, to pay back the bonuses that they earned," Pandit said. ..........(more)

The complete piece is at: http://www.marketwatch.com/news/story/Wall-Street-CEOs-gripe-about/story.aspx?guid=%7B4A5C3F20%2D935C%2D4386%2D9D07%2DBA2EA533812E%7D

[NC_Nurse]

1. Oh f*ckin' well.

:nopity: :nopity: :nopity:

[burning rain]

2. Somehow I think we can make do with less of such "talent."

#

[gratuitous]

3. When will they stamp their little feet?

Will some of them actually go get real jobs and work for a living?

[Sarah Ibarruri]

4. Is it rude to send people like these an e-mail with only 3 words in it?

Saying, "KISS MY ASS"?

[CTyankee]

5. I think I 'm done with Vikrim Pandit! Why the hell should HE dictate my financial life here?

This guy should pack up and go back to wherever he came from. I do NOT consider him an asset to our country's immigrant class. I have plenty of people in the classes I have managed with Literacy Volunteers who could probably do better than he does! And they would do it with dignity and very hard work, something I doubt he knows anything about!

[Wiley50]

6. Must be a typo. He's not Pandit, he's Bandit n/t