Pay cuts are clearly part of the "new reality." Like this commodities trader will probably take a haircut on his guaranteed $100 million bonus, just because his bank owes taxpayers $44 billion. Then there is Greg McMackin.
The University of Hawaii head football coach accused the Fighting Irish of doing a "faggot dance," and now he has been suspended for 30 days without pay, took an additional 7% pay cut from his measly $1.1 million salary and was forced to apologize in a teary public press conference yesterday.
Maybe Bear Stearns CEO Jimmy Cayne can relate: he called Tim Geithner a small-dicked homosexual and got his whole bank taken away and meanwhile everyone else except Lehman got the little prick to pull together a trillion tax dollars so the bankers and traders who brought the financial system to insolvency would not be forced to try and survive on a bonus pool smaller than $33 billion this year. Or maybe Jimmy Cayne can't really relate, being that he is still worth at least $600 million or so. But you know, it's probably not a bad personal finance rule of thumb to avoid bringing up sexual preference in a professional setting when cash might be at stake and/or you are the guy who has to wear that flower necklace all the time. Call it the difference between "executive pay caps" and "faggot dunce caps."