At a news conference in Albany, he also scoffed at economists who believe the U.S. will not experience a recession, saying, "This has finally confirmed to me that flying saucers have landed and that people from outer space are in our midst, influencing policy."
I guess this means that Kenneth D. Lewis, chief executive officer of the giant Bank of America, is also an alien form according to Paterson, since the CEO recently went on record as saying, "We don't see a prolonged, deep recession. We see sluggish growth the remainder of the year and then a pickup at the beginning of 2009."
Whether alien life forms are trying to infiltrate legislative bodies or not, it’s likely to highly probable that, given the hits that most banks have already taken this year, bankers will encounter the close of 2008 with significantly lighter wallets.
Yesterday, about 160 miles north of Wall Street, New York State Governor David Paterson said investment banking bonuses will likely be as much as 20 percent lower this year versus 2007.