Monday, December 06, 2004
Courtesy of our distinguished colleague Jerome Doolittle at Bad Attitudes: Our Quote of the Day comes from Rep. Barney Frank (D-Mass.), speaking last Tuesday at the annual American Banker awards dinner:
"At the level of pay that those of you who run banks get, why the hell do you need bonuses to do the right thing?""Needless to say," the article adds drily, Rep. Frank did not receive a standing ovation.
Undeterred by the deafening silence that greeted that remark, Mr. Frank, the senior Democrat on the House Financial Services Committee, added: "Do we really have to bribe you to do your jobs? I don't get it. Think what you are telling the average worker, that you who are the most important people in the system and at the top, your salary isn't enough, you need to be given an extra incentive to do your jobs right."
He went on to warn the financial heavyweights - who had gathered to see James L. Dimon, president and chief operating officer of J. P. Morgan Chase, be named banker of the year - to show restraint in pressing for further deregulation.