says it wants to
in Troubled Asset Relief Program -- aka taxpayer-funded banking bailout -- it received from the government as part of the effort to stoke lending and end the credit crunch.
Apparently the bank would like to "get out from under" the executive pay restrictions, according to what Goldman CFO David Viniar said this week at a conference. Viniar is probably chafing at
yesterday about "executives being rewarded for failure."
pointed out in an opinion piece on
Wednesday, receiving TARP funds didn't stop Goldman from paying out rewards recently that dated back to 2005.
I share Mooreland's outrage. After all, Goldman is complicit in the mortgage mess we're trying to dig our way out of. The bank played a role in the mortgage meltdown by originating, underwriting and making the markets for mortgage-related securities, including subprime debt. Goldman also reportedly bet against subprime mortgage securities and profited handsomely.
So Goldman, just face up to the fact that you were complicit and accept your fate along with the rest of the players. Don't try to game the system again and get an edge on
and the rest.
Bank of America
and just about every other bank must face pay limits, every bank must do so in order to keep a level playing field that will allow everyone a chance to rebuild the credit system.
Sorry, Goldman. You helped make the mess, so you have to help clean it up. Cheating the system is what got us into this mess. Those days are over. Deal with it.
Hall is the editor of
. Previously, he served as deputy editor and chief innovation officer at
The Orange County Register
and as a news manager at
in Frankfurt, Amsterdam and Washington, D.C. As a reporter, he covered business and financial markets, worked in both print and television in the U.S. and Europe, and conducted in-depth investigative coverage at
in Fort Wayne, Ind. His work also has been published in a variety of newspapers including
The Wall Street Journal
The New York Times
International Herald Tribune
. Hall received a bachelor�s degree in journalism and political science from The Ohio State University and has taken graduate management science courses at Boston University.