Greed Is Good

Below is a great article from The Wall Street Journal about how greed can be good.  Many Americans believe that any bonuses for top executives paid by rescued banks would constitute “excess compensation,” a phrase used by Mr. Obama. But no Wall Street CEO taking federal money received a bonus in 2008, and the same was true for most of their senior colleagues. Not only did those responsible receive no bonuses, the value of the stock in their companies paid to them as part of prior-year bonuses dropped by 70% or more, leaving them, collectively, with billions of dollars of unrealized losses.”