Sunday, April 12, 2009

The Law Of Unintended Consequences

Is the one Congress always passes:

Still others are moving to foreign competitors. According to the banks and executive recruiters, hundreds of bankers have been jumping to  Deutsche Bank   and  Credit Suisse , neither of which took a government bailout.

They see a rare chance to upgrade talent and standing on Wall Street — and globally — by luring top minds who would not have considered moving from a Goldman Sachs or a Morgan Stanley in flush times. Now that their rivals must accept compensation limits and other restrictions that come with the use of taxpayer support, the foreign banks are finding more eager takers.

Tom Blumer once ran a series of posts on London & Hong Kong “ ♥” SOX . Well, they're probably passing out with euphoria over the likely outcome of U. S. bank nationalization. What's to fear about innovative competition when your competitors are run by the folks who brought you the Post Office, Amtrak, and the BMV?