BANZAI7 NEWS--"People want to work here, but they want to be paid fairly," said Scott Silvestri, Bank of America's spokesman, who defended the bank's pay practices, saying it has strived to align shareholder interests with compensation.
Silvestri said Feinberg's rulings will put Bank of America at a competitive disadvantage with competitors who are not under the thumb of the pay czar -- and that the bank's employees are already being lured away.
Mr. Silvestri is absolutely right that overpaid investment banking employees might be lured away.
Perhaps this the promising start of a "shadow bust up."
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