They're doing this for two reasons.
But officials at the Treasury and the Fed said they worry harsh pay limits will undermine critical bailout programs by discouraging financial firms from participating.Good. If they don't want our money, it can be spent more wisely. I wish the Government was fighting so hard to give me money whilst I've been unemployed!
Although many of these companies could survive without government help, they might lack money to ramp up lending, which officials consider critical to turning the economy around.If that's the real problem and threat to this country, I have an infinitely easier solution than handing out $700 billion to the banks with no real strings, courtesy of Summers, Geithner, et al.
Take the $700 billion (or more, if we have to) and offer it as loans straight to qualified American people and companies, competitive with private-market rates. We'll turn a profit, have no middlemen and not have to worry about companies that are not worthy of taxpayer investment. Let them go under if they're going to be dicks about getting *billions* of taxpayer dollars. There. Fixed.