The Entitlement Society 0
At Bloomberg, Jonathan Weil argues that the government of Switzerland must bail out the bonuses of the UBS bonus babies.
His argument boils down to this: If the geniuses who have run the banking industry into the ground, along with the international economy (persons labeled by Weil as the “best and the brightest”), don’t get their bonuses, they might go work somewhere else.
In other words: They work for a bank. Therefore they know what they are doing.
This is hardly persuasive; it is, indeed, wankery of the highest order.
Nothing in the banksters’ performance indicates that they are the best at anything or the brightest in anywhere.
Their exit to other employment, employment for which that have demonstrated expertise (perhaps administering ball-toss games at carnivals in the parking lots of your local Catholic Churches) would likely benefit the economy and the society.
