Dear Wall Street Execs: Too Damn Bad!

Kenneth Feinberg's report (he's the special master of compensation ... talk about a grand title!) yesterday detailing cuts in exec pay was a welcome sight. All of us schlubs on Main Street were happy to see that at least something was being done about the ridiculous amount of money these losers on Wall Street are making. Yes, that's right, I said losers. After all, they're responsible for a large portion of the mess the economy is in right now.

Basically, regular folks are happy and bankers and financiers are not. We'll surely hear the blah, blah, blah about how these salary limitations mean that these brilliant, highly capable people are going to go to other companies. What no one has explained yet is why we should care. These are the same people who screwed up in the first place, right? The same people whose companies needed to be bailed out by taxpayer money, right? So, I'm not sure what the big deal is if they leave. I bet there are many, many other supposedly less capable people who could take over these positions and do just as bad a job.

And fellow Main Streeters, don't get too excited about the pay cuts. These execs will STILL make millions of dollars. Look at the top 20 losers over at Citi, one of the few mega banks that still appears to be struggling. Out of the top 20, 14 will make MORE than $5 million. Makes you a little nauseous, doesn't it?

So if a big ol' brain drain is about to take place on Wall Street, so be it. Until someone can prove to me that no other supposed financial geniuses want these jobs for "only" $5 million ... I won't lose any sleep.