Good Riddance, Stop yer Whining, Ken.
April 29 (Bloomberg) -- John Mack and Kenneth Lewis, the chief executive officers of Morgan Stanley and Bank of America Corp., said pay limits tied to federal rescue funds have prompted some executives to leave the firms.
“I had a hedge fund say to me, ‘I can hire anyone I want from you and Goldman,’” Mack, said at the firm’s annual meeting today, referring to rival Goldman Sachs Group Inc. Some units lost a dozen people, he said, without identifying them. Lewis, speaking at his annual shareholder gathering, also blamed the restrictions for departures.
“We have lost strong revenue-generators over the past three months to competitors that are not facing the same compensation restrictions that we are,” Lewis said today.
Boo friggity hoo. You ruin your business by hiring these "revenue generators," to the point where the taxpayers have to pick up the pieces, guess what, there are going to be restrictions. There should be restrictions. If that sends these guys elsewhere, boo friggity hoo. When you make yourself a public ward, you get to play by new rules.