Job Well Done
posted by The Cunning Realist at Monday, December 08, 2008
Monday, December 08, 2008
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I am a New York City resident in my forties, an investment professional, and a conservative. I have an MBA from Columbia University.
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11 Comments:
Sick Sick Sick
At least now we know there is no pretense.
Same old Wall Street. Too bad the good business leadership won't do anything about it (i.e., does peer pressure mean anything on WS). There are no checks and balances.
And this is the system where we are suppose to put our retirement funds. Oh yeh, right.
when can we get those 'specifics soon'...
Hey, c'mon. Once you fly first class, you can't go back to coach!
Hey, c'mon. Once you fly first class, you can't go back to coach!
Since when did keeping one's company from going bust become equivalent to earning the company so much money that a bonus is justified? Saving the company from decisions you may have had a part in most certainly deserves a pat on the back, but $10 million pats on the back? I think not.
Secondly: "Hey, c'mon. Once you fly first class, you can't go back to coach!"
I know that a certain amount of tongue and cheek is intended in the above comment, but the people involved here have pocketed so much money in their lives, they will probably never have to fly consumer again, let alone coach.
Chris F.,
Yes, that was completely tongue in cheek. These pretentious, privileged, smug, selfish bastards sicken me. They represent much of what is wrong with America. The culture of greed and the corporate control structure it sustains are driving this country, and the world, down a road to Hell.
I am always amazed how these bank CEOs believe that because they happened to have signed some legal docs for a bank merger that they are automatically entitled to $10 million, when the bulk of Americans (or humanity for that matter) work for relative crumbs in the hope that their pay increase matches the rate of inflation.
"...when the bulk of Americans (or humanity for that matter) work for relative crumbs in the hope that their pay increase matches the rate of inflation."
Which it inevitably does not. And with continued increases in tuition costs at higher education facilities, increasing energy bills, mortgage rates, food costs, etc., more and more money finds its way into their coffers without a comparable increase in income. I am not an economist, but I know something needs to be fixed. I am not certain that the fed needs to be dismantled or the gold standard reintroduced. God knows, those drastic changes would only initially hurt those with very little money to begin with.
Perhaps we should institute executive term limits...bring in fresh blood, eliminate entitlement, and move the money around, like a financial percolator.
"The principle that the end justifies the means is in individualist ethics regarded as the denial of all morals. In collectivist ethics it becomes necessarily the supreme rule." -Friedrich Hayek, 'The Road to Serfdom'
"Your greatest danger is the probable practical failure of the application of your philosophy in the United States." -Sir John Maynard Keynes, on Hayek.
"...probably nothing has done so much harm to the liberal cause as the wooden insistence of some liberals on certain rules of thumb, above all the principle of laissez-faire capitalism" -Hayek, on himself
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