Let Them Eat Toxic Assets
To The Editor: As most readers know, the CEOs of the large banks receiving government bailout money have insisted on paying out huge executive bonuses with our taxpayer money, even though the banks performed so poorly that they required huge bailouts in order to just survive. When there was public outcry about the bonuses not being deserved in the face of the economic crisis we are in, CEOs used a variety of justifications and essentially made excuses as to why they had to pay the bonuses anyway.
I was encouraged to read recently that someone, somewhere, suggested bank executives should receive bonuses in the form of toxic assets, instead of our tax money. After all, if toxic assets are good enough for our government to purchase with taxpayer money, then they should be good enough to use as incentive pay to executives who helped make them that way to begin with. If only our leaders would think this logically more often.
Sarah Schoen Duvall