Not Enough Bullets: The Whole Damn Banking Industry

Tom Randall, Alex Nussbaum and Peter Robison at Bloomberg News talk about how awful the Obama salary cap for bank executives on the Federal dole is. Their lede:

Eric Langan could run a U.S. bank, based on his $494,713 salary last year, according to President Barack Obama. Langan would rather stay in his job, overseeing 18 strip clubs as chief executive officer of Rick’s Cabaret International Inc.

Well, Mr. Langan actually made a damn profit in 2008.

So they are claiming that $½ million, "may not buy a seasoned executive for a major U.S. financial institution."

These are the folks who bankrupted the United States, and continue to pay themselves obscene bonuses.

Wanting to hire one of them for your bank is like betting on the Washington Generals when they play the Harlem Globetrotters.

I would also note that Mr. Langan's job is a lot harder than your senior bank executives. He has to deal with people who stalk the dancers, and how to handle security, and hiring responsible bouncers, etc.

Besides, who is hiring in banking right now.