Senator Schumer has finally realized that things have changed, perhaps permanently, and is saying so publicly. This is a good thing.
Sen. Chuck Schumer, who has raised millions in campaign dollars from Wall Street, had a stern message Monday for his one-time benefactors: your go-go days are over.
"Compensation will likely never return - and shouldn't - to the stratospheric levels that it reached," he said in his toughest comments to date on Wall Street's system of awarding giant bonuses to top executives.
But Schumer, the Senate's No. 3 Democrat, argued that new, tougher rules would actually boost confidence in Wall Street over the long-term.
"Going forward, strong regulation will cause money, business and jobs to come here and stay here," he told a Crain's NY Business breakfast.
The days of collecting absolutely absurd compensation completely divorced from any results are over. The sooner the Wizards of Wall St, many of whom are managing firms that now exist solely because of massive infusions of public money, realize that they'll never be able to take home billions for driving their companies and the global economy in to the ground, the better.
I'm glad to see that Senator Schumer gets this as well. Schumer's admission of this fact has to be the clearest indicator yet that the party is indeed over. |
