For much of mid-February, the smell of grilled bankers hung over the nation’s capital.

Eight of the nine CEOs of banks that received TARP bailout money were testifying before the House Financial Services Committee.  Among the complaints of the Committee were the enormous bonuses that executives have been getting even as their companies lose billions.

The bank executives countered that they have to compensate their key people lavishly or they’ll lose them.  Money is essential to motivation, they said.  And they say this with such complete conviction that it’s hard to believe they might be wrong.

But listeners to Marketplace on National Public Radio were treated to a different perspective when the show asked some working people in L.A. what inspires them to do a great job.

“It’s my passion for arts and beauty,” said a hairdresser.  “I want to be the best, best shoeshine man there is,” said the owner of a shoeshine stand.  “If you care for your customers, you want to do the best you can for them,” said a Starbucks barista.

Obviously none of these people would turn down a raise if it was offered to them.  But when asked what motivates them to do a great job, unlike the CEOs, money was not the first thing knocking on the back of their teeth. (more…)