BRAIN DRAIN - IS IT REAL?
I should qualify this question with - Is It Real In Government Jobs? I recall many years ago when I first heard the term "brain drain" it most often was tied to the engineering or medical fields in the context I heard it. I can see where persons from other countries get educated in the U S and take that knowledge back to their homeland and use it to make their country better is a brain drain.
What I don't understand, and I can't be the only one, is why our government in particular and the big banks feel they have to pay exorbitant salaries to those who often were the ones who led us into the financial mess we are in.
I saw today that Timothy Mayopoulos, Fannie Mae’s general counsel and chief administrative officer, will become the mortgage giant’s new chief executive, sources close to the matter confirm. Mayopoulos, 53, has been with Fannie Mae since 2009, after being replaced at Bank of America.
This rather reads like BofA was done with him, so he went to Fannie for a big salary. Although his new position will be only about 2 Mil a year. FHFA Acting Director Edward DeMarco has said that salary limits at Fannie Mae in general could cause a “brain drain,” citing concerns of a, “substantial exodus of talent.” So while so many are hanging on by their fingernails, there are a select few who can demand millions or tens of millions in compensation because their employer is worried about brain drain.
Here's the article. I do wonder, why "brain drain" is coming up so often following our financial collapse. I am rather thinking the brain drain happened to these guys BEFORE the collapse.
http://www.thenichereport.com/breaking-news-2/fannie-mae-hires-insider-as-new-ceo/
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