Stop the Government from screwing things up--- again
Are there people who received way too much in bonuses/perks... absolutely. However, this is not isolated to the financial industry--- they are just easy targets for politicians who want to label all of Wall Street as greedy snobs for their own political gain. For example, you do not hear complaints about movie stars, athletes, and others who bring in millions and millions of dollars.
The only difference is that the taxpayer had to come in and bail many of these firms out. I completely understand that argument and the outrage over compensation at AIG for example. However, the conclusion that all of Wall Street should be shamed and labeled as greedy snobs who brought about this great financial collapse is wrong. The blame is everywhere--- from many financial institutions for sure (however, not all... so to label Wall Street as a target is not practical). but also the government's lack of oversight, and the individual consumer's greed (buying way too much house than he/she could afford). The blame is everywhere, but what is the solution?
Is it to hammer down on Wall Street with an iron fist from the "pay czar" dictating compensation for hundreds of companies? Is it to extend government even more into the private sector when it cannot even control its own budget? I do not think so. What we need is to focus on solutions. If you want to hammer down on Wall Street executives... of which only a small subset can really be blamed for what happened, then fine. If you want to examine individual compensation packages and highlight the most ridiculous ones to then try and form a generalization for all financial institutions--- be my guest--- but the result will be that these executives leave their firms under restriction pay, go somewhere else to make more money, and then the companies that received bailout money will lose their top talent and fail to repay TARP--- and the taxpayer will pay--- again.