Finance, one of America’s great industries, being destroyed by Congress during crisis?

Bankers on Wall Street and in Europe have struck back against moves by US lawmakers to slap punitive taxes on bonuses paid to high earners at bailed-out institutions.

Senior executives on both sides of the Atlantic on Friday warned of an exodus of talent from some of the biggest names in US finance, saying the “anti-American” measures smacked of “a McCarthy witch-hunt” that would send the country “back to the stone age.”

From The Financial Times (FT)
There were fears that the backlash triggered by AIG’s payment of $165m in bonuses to executives responsible for losses that forced a $170bn taxpayer-funded rescue would have devastating consequences for the largest banks.

“Finance is one of America’s great industries, and they’re destroying it,” said one banker at a firm that has accepted public money. “This happened out of haste and anger over AIG, but we’re not like AIG.”

Read the rest:
http://www.ft.com/cms/s/0/4ff2f
77e-1584-11de-b9a9-0000779fd2ac.html

Related:
President, Treasury, Congress “undermining efforts to shore up the economy”

Bankers Press Case Against Punitive Tax
Bonus backlash hits Wall Street

American Democracy With Checks and Balances is Broken; Media, Congress Failing

Obama’s Radicalism Is Killing the Stock Market

 Obama Spending, Tax Plans Likely Out The Window As CBO Predicts Much More Debt

Obama, Geithner, Congress Squandering Confidence Needed For Recovery

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