Middle East Focus: Financial Brain Drain, Quick Buck Brains, Flush Them with Drano………..

Arabia Deserta

Financial Brain Drain, Quick Buck Brains, Flush Them with Drano………..

“New York. The Obama administration's decision to cut the pay of top executives at companies on taxpayer life support will help quiet the popular outrage over excessive compensation. But it introduces a new concern: brain drain. The 175 executives targeted by "pay czar" Kenneth Feinberg are not only the highest-paid but also considered among the most talented and productive. And competitors outside the restrictions are likely to woo them, recruiters and compensation expects say. Losses like that could be devastating to the very companies the government spent so much money to save. "These people are considered the brains of the machine. They are who can pull you through the tough times," said Steven Hall, who runs an executive compensation firm that bears his name. "This will give them reason to leave."……..….”

"The federal pay czar Thursday rejected Bank of America's proposed compensation plans for top executives, including an initial pitch for up to $12 million for chief executive Ken Lewis, calling the Charlotte bank's proposal too generous. Even so, nearly all of the bank's top executives are still in line for $3million to nearly $10 million in total compensation for 2009 if they meet performance goals. The exception is Lewis, who last week agreed to the government's demand that he give up his pay for the year........"

“CNBC: there are serious worries about brain drain from the banks and financials, that these talented people will leave….....”

They are talking about the same brains that crashed the market and the economy. The ones that bankrupted the same institutions and forced them to get public help, taxpayer money. The 'quick buck' brains. He ones that were catalysts to the high unemployment and foreclosures all across the United States, and the misery across other parts of the world….….
That kind of brain deserves to be let go. In fact it should be flushed down the toilet…
Cheers
mhg
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