The bill of goods the government is selling us is a sham. Here is what really needs to be done.
Obviously the smartest guys in the room on Wall Street are not capable of doing what they are doing. Instead of just having the government buy off their bad debt here is what needs to be done.
When a financial institution cannot find a buyer and is about to go under the government should come in and take them over. They become a government entity. ALL employees are paid on the federal government pay scale. All records and all doings are completely made public. We can move their tony Manhattan offices to abandoned military bases.
This plan is a perfect way to nationalize the banking industry which obviously needs to be nationalized in a systematic, "darwinistic" approach.
As an 80% owner of AIG I'll be damned if I am going to pay their top guys millions of dollars for running a government agency. They should be paid whatever a senior person in the Department of Commerce makes.
As an addendum, of banks that are nationalized, I would like the government to seize the assets of anyone who earned over $250,000, retroactively back pay them at a reasonable rate, and use the proceeds to buy off the bad debt.
All this won't happen, of course, and we will be sold a trillion scam.