I just read a piece from the LA Times on Obama’s comments on the $18 billion for Wall St. bonuses in 2008.
This is the height of irresponsibility.
Why is it that auto maker CEOs were immediately supposed to take $1 salaries and everyone on Wall St – except Blankfein and his inner circle – keep their base salaries and massive bonuses. It’s irresponsibility with a generous dose of insanity.
This is the meat & potatoes of conspiracy theorists… How this level of BS gets the greenlight in “the worst economic crisis of our lifetimes” stretches the imagination.
Where’s Robin Hood when you need him?
More broadly this is just another sign of our sickness, of some deep & ugly systemic problems – the cancer that inevitably attacks any great success – in our case empire.
Our current predicament reminds me of Eisenhower’s farewell address. There are many points of great relevance but his comments on crisis are especially noteworthy: “Crises there will continue to be. In meeting them, whether foreign or domestic, great or small, there is a recurring temptation to feel that some spectacular and costly action could become the miraculous solution to all current difficulties.”
He calls for balance, a Franklin like moderation in dealing with difficulties, and I do have grave doubts about whether the TARP and upcoming stimulus are really the kind of solutions we need or if they’re just scaled up DC pig parades w/ a full complement of cosmetics…
Tags: bailout, conflict of interest