While in NYC on business, I had the opportunity to stop by Ground Zero. This picture is what remains of the WTC. I used to ride the PATH train into the WTC station on my way to visit clients on Wall Street or to work at the IBM office at 33 Maiden Lane. This was the first time I have returned to that area of the city and felt compelled to visit the site. Tourists like myself are lined up across the street taking pictures and silently reflecting. The residents are going about their daily business with nary a look. In our lives it is hard to keep up with today let alone to remember 9/11/01. I urge you to think about it. The power of standing near a spot where nearly 3,000 perished at the hands of madmen driven by a befouled faith is humbling.
Via Drudge, President Obama to propose compensation caps on financial services firms to include banks. That ought to help bring back the banking sector and the markets!
Bloomberg reports that the heads of Citibank, Bank of American and JP Morgan are also pointing out the problems this will cause with the recovery. Per the story,
“The work we have all done to try to stabilize the
financial system and to get this economy moving again would be
significantly set back if we lose our talented people because
Congress imposes a special tax on financial services
employees,” Pandit said in the memo, whose contents were
confirmed by a Citigroup spokesman.
Gabriel Malor at Ace of Spades is half-convinced that this is part of a plan to tank the financial system and set it up for nationalization. It is either that or incompetence at a level we have not seen since the day of Jimmy Carter.