It's sad that a highly successful businessman as Michael Bloomberg once was—until he went over to the "Dark Side" (i.e., government) in 2001 when he became mayor of New York City—should be either totally clueless or, as I suspect, totally disingenuous when it comes to the paying of banking executives' bonuses. I was just listening to the radio when I heard that a news story was coming up in which Bloomberg was going to defend those large Wall Street bonuses. Was he going to defend them on the grounds of good business sense? Of course not!

According to former businessman-turned-dictator Mike Bloomberg, the reason why it is good that the folks on Wall Street should get huge bonuses is because then all of those huge bonuses can be taxed to pay for New York City government services!