Wednesday, September 14, 2011

It's called free market, not fair market

The big story in these parts is that Bank of America, which is headquartered here in Charlotte, plans to lay off at least 30,000 workers in an effort to pad profits.

The person who made the announcement, CEO Brian Moynihan, has a pay package this year worth upwards of $9 million.

As a capitalist through and through, it pains me to say that this is Example No. 8,559 why the free-market system isn't always the best thing out there. Never has the disparity between haves and have-nots been wider.

As B of A boosts profits on the backs of janitors and bank tellers and secretaries and IT folks, those poor shlubs are left to wonder what Moynihan's portion of shared sacrifice will be. I mean, it's not as if he'll be giving up his taxpayer-subsidized private jet or his taxpayer-subsidized vacation home any time soon.

1 comment:

  1. it is that personal responsibility you have heard so much about...oh yaaaaah...