Outrage! TARP recipient Bank of America is reportedly paying bonuses to successful investment bankers they view as "vital" to maintaining their business. The Post tries to get us upset about this today, reminding us that:
The guarantees being shelled out by the embattled bank run by CEO Ken Lewis are raising eyebrows on Wall Street because BofA has taken $45 billion in capital from the Troubled Asset Relief Program and hasn't been allowed to refund that money.
So why would they do such a crazy thing as actually pay employees?!? In order to prevent said employees from being poached by, say, foreign banks who think that given the current climate of populist rage it might be a good time to grab talent and thus gain a competitive edge, maybe? Honestly, we don't even know why they bothered. Trying to get everyone excited about a new round of bonus-giving at this point is like trying to get people excited about The Forbidden Dance 4.
BAILOUT BONUS AT BofA [NYP]