Thus the tear jerking stories of bankers crying about "there are children involved" and the countless stories in defense of the bankers. And to think they are spending taxpayer dollars for this PR campaign.
Industry lawyers are examining ways to mount a legal challenge if the Congressional tax proposals make it to law. Even some political supporters have worried aloud that the Bill could be unconstitutional if it is seen as unfairly targeting individuals for punishment, or if it is rushed through without due process.Lose employees? Where would they go in this shrinking market? Here's a case where we ought to let the market decide their future. Let's see them have a feeding frenzy on each other and see how many are left in this bloated industry that delivers so little value today.
Lobbyists have swung into action to argue that using the tax system in effect to cap pay could backfire if staff desert in droves. That would damage the very institutions the government needs to restore to health.
In a first attempt to turn the PR tide, Citigroup released a memo to its staff written by Vikram Pandit, chief executive. "The work we have all done to try to stabilise the financial system and to get this economy moving again would be significantly set back if we lose our talented people because Congress imposes a special tax on financial services employees," he said.
