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Your Money, Their Rules?
In my early 20s, I spent a bunch of months figuring out what I wanted to “do with my life.” My family was helping me out—and not surprisingly, they had lots of opinions about how I spent my time, not to mention their money. It didn’t take me long to get sick of the grilling, and to realize that I could only make my own choices if I made my own way. I stopped taking checks and started scraping together a living.
What does that have to do with the news? Rumor has it that two former Merrill Lynch stars are leaving Bank of America—because they feared that compensation restrictions on banks that accept TARP money would affect their wallets. Over at the Business Insider (one of our favorite sites, incidentally) John Carney opines: “Chalk this up as yet another example of how injecting public money into financial firms breeds value-destroying political interference.”
Much wiser is the advice a friend gave me a decade ago: “If you don’t like their rules, don’t take their money.”
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