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It's great that congress is trying to pass a bill to limit severance packages for CEOs of failed corporations, but the jerks who made the current mess will walk away with a big fat bonus
I understand that many of these big banks need to still exist for our country not to enter another great depression, but why not bail out the institution, but purge and punish their upper ranks? Why not go and seize some or all of these fat cats' personal assets? Sell their many mansions, cars and yachts and give a little back to the people. Was their greed not some form of treason?
Let the whole thing collapse around their pointy heads.
C2N14... because life is not energetic enough. מנא, מנא, תקל, ופרסין Daniel 5:25-28... Got 7.62?
Not Depressed enough yet? Go read National Geographic, July 1976 Gott und Gewehr mit uns!
I got a reply from my congressman's office that was more than a form letter.
He voted no to the bailout.
The congressman in my former district voted for it
Even if these greedy fatcats got prison, what kind of incarceration would it really be? Surely not the kind any regular Joe
would get for stealing far less.
Regards,
Troy
I didn't fail the test, I just found 100 ways to do it wrong.
My SIL pointed out a depressing point to me today. These idiots who ran the companies into the ground will get their golden parachutes - on top of their multi-million dollar salaries, bonus plans and pensions, and then turn around and invest it in the stock market their actions just helped crash. They will buy low and make even more money!
I'm all for punishing them, but first we need to "spank" the ones who started this mess and fostered all along the way: Jimmy Carter, Bill Clinton, Barney Frank, Chris Dodd, etc. When are they going to pay?
I don't know if any of you are familiar with Dave Ramsey, he's a financial advisor who has a radio show and a tv show on Fox Business. He wrote "Financial Peace." I like his plan better than any I've heard. Here's a link to his plan at his website:
drboomboom wrote:I don't know if any of you are familiar with Dave Ramsey, he's a financial advisor who has a radio show and a tv show on Fox Business. He wrote "Financial Peace." I like his plan better than any I've heard. Here's a link to his plan at his website:
US exec compensation has been crazy for decades. My favorite stat was that in @ the last 10 years exec compensation gobbled up 10 % of the S&P, or dow, forget which. Meaning their options actually paid out 10 percent of the market value to them.
But to be real:
- Many of the problems like excess stock options come from earlier attempts to answer to groundswells of public hatred, good luck making it better.
Some stuff people don't want to hear
- Wallstreet isn't mostly responsible. The people and the government wanted these cheap mortages, and created a product in the market that anyone who wanted to compete would pour into. What about 40 series on TV about making fortunes fliping Cali real eastate didn't we understand?
- Last I heard, running the MBS business wan't the high profile end of the firm, though that may have changed as the plot thickened.
- Execs are given golden parachutes to modify their behaviour in ways the public wants. They are always going to look like a bad idea when times are tough and you need the best guys you can get. AIG for instance went thorugh a hard change at the top, and while this isn't the real story, that is precisely when it would have been cool if the best available person could have looked at the jobe without worrying about what he was leaving behind, or the unusual risks he would take to go there. The dollar amounts may be crazy, but that's another problem.
- It's probably relatively illegal, so it will just get litigated to hell and back.
I don't know what Ramsey said, my browser won't go there, but if it has anything to do with abolishing mark to market, look out, that's Amagedon II.
Jason_W wrote:It's great that congress is trying to pass a bill to limit severance packages for CEOs of failed corporations, but the jerks who made the current mess will walk away with a big fat bonus
I understand that many of these big banks need to still exist for our country not to enter another great depression, but why not bail out the institution, but purge and punish their upper ranks? Why not go and seize some or all of these fat cats' personal assets? Sell their many mansions, cars and yachts and give a little back to the people. Was their greed not some form of treason?
Greed aint treason, they're playing by the rules. Congress past and present have helped shape these "rules", "rules" that clearly violate our Constitution, that's where the treason part comes in. And the treason continues.
Bunkloco
“We, as a group, now have a greater moral responsibility to act than those who live in ignorance, once you become knowledgeable you have an obligation to do something about it.” Ron Paul
You can't throw people in prison for NOT violating laws. That's just silly.
You want to know who is responsible? 1) Congress and Presidents (all of them), 2) us, 3) the Fed, and 4) company shareholders. The latter will get their just deserts though.
Wallstreet isn't mostly responsible. The people and the government wanted these cheap mortages...
Yup. Wasn't nobody complaining when these cheap mortgages came on the market, and people getting 2nd mortgages and such. Everybody believed the "money grows on trees" religion, but the problem is, it doesn't. Our government is no better at setting interest rates than the old Soviet Union was at setting prices. Money has a natural price, set by the market. It's just the same as if our government (egged on by us) decided to set the value of pi to 3. Making a law does not make it so! You can't ignore reality.
Now we are going to pay for believing in a bogus reality.
