I rather enjoyed this piece here, sums up my thoughts on handouts to the banking sector.

“They rigged the game. We pay them for their profits, there is no clawback so their incentive is to hide the risk they are taking.”

“Which is why eventually as someone who loves free markets,  a total nationalisation of the part of the business that requires insurance and does clearing and payments needs to happen.”

“I am angry with U.S. policy. What we had is exactly the opposite of socialism, they got TARP to pay their bonuses and to take more risk.”

With governments around the world willing to step in to bail out the various banks for their own incompetence, what motivation is there to clean up their act? I mean these are the same people who begged and then received hundreds of billions of dollars from the US government so they wouldn’t go under  then turned around and paid their executives $18.4 billion in bonuses for 2008. That’s for ruining the banking sector and running the companies into the ground! Yeah their counter is they need to pay the money to keep the “talent”, what talent?!? The same executives who created this whole mess, these are the people banks want to keep?

God!