James Wiggins, a Morgan Stanley spokesman, said that such payments were necessary and would come out of operating revenue, not government bailout funds.
Some of the CEOs testifying before Congress yesterday tried this one too: "Sure, we took the bailout and we awarded bonuses, but the two pots of money are distinct." And the problem with this argument is that money is fungible: A dollar of bailout funding is a perfect substitute for a dollar of operating revenue. The two pots of money are in no sense distinct.
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