New capital requirements for banks affecting salary and, gasp, bonus pay. I’ve been hearing this from a number of my clients, all pretty big cheeses in the banking world. They aren’t whining, just explaining why they see prices for high end houses falling, not rising.
I see it the same way and I regret that, because my own pay is tied, indirectly, to how much the big boys are bringing home. Of course what really troubles me about this story is the thought that Obama will have less to redistribute to the deserving poor.