Wall Street bonuses are back in the news again, as the Obama administration scores cheap political points by bashing bankers.
Wall Street's investment-banking houses correctly claim that they are paying out a much-lower-than-usual percentage of their profits in the form of bonuses - in some cases, less than 50%.
So what's the problem?
After all, Wall Street earned the money legitimately (aided and abetted by foolishly lax monetary policy, which will come back to bite us). So these firms should have the right to pay out lots of those profits as bonuses - so long as shareholders don't object.
The problem is that shareholders ought to be objecting - and objecting loudly.
You see, the money that Wall Street is using to pay those big bonuses rightfully belongs to the shareholders.