Canadian Poaching & the Pay Czar

This story talks about those super duper Canadian banks hiring many Wall Streeters from formerly dominant American firms. The article chalks this ability up to Canadian banks' stability through the crisis, and that is part of it, but this goes entirely unmentioned and it is a glaring hole in the story. Everybody knows that anybody good that is still at Citibank has their resume out on the street. So sure, Canadian banks are "playing offense" but so is everyone else, everyone else that is who isn't being micro-managed by the Feds and getting their compensation toyed with by Czar Feinberg.

UPDATE: Wow, check out this list of former AIG managers who've moved on since the government took over. Lesson: top talent doesn't want to work for the government. Government ownership, while not wished for, could work out if done properly with a light touch. This is what a heavy hand gets you and I'm afraid this is how this government approaches things. The same fate will befall General Motors and Chrysler and government will wind up owning empty shells that have no chance of paying the taxpayers back. But then again, that wasn't the point, was it?