2008-09-09 — prudentbear.com
What does it say about the character of a financial system that pays someone $150 million for destroying a company that he was hired to lead?
With this kind of example being set in the corporate boardrooms and on Wall Street, is it any surprise that so many Americans, even those who can afford it, see no reason to continue making their mortgage payments if they no longer have equity in their homes? This credit crisis in America, at its most basic level, is a crisis of character in this country, and character begins at the top.
Great essay... couldn't agree more.
tvsterling at 18:53 2008-09-09 said:BRAVO! A lucid & accurate appraisal of the Super Suits & Limo Lizards who have ruined the country. Maybe a touch hard on the little people who are paying the price for the bug guys sins. It is not the first time this type of scoundrel has victimized the country. For one pointed example read a biography of Jim Fisk or his partner Jay Gould. Under them the Erie Railroad was a death trap for the public & a wide open cash cow for the two. They had a printing press in the basement of corporate headquarters (an opera house complete with hot & cold dancing girls). No SEC so whenever they needed some walking around money they just fired up the press. The first railroad union was founded in an Erie Caboose because the casualties on the railroad were more like a war zone than a business. Fisk's fiancee was Diamond Lil. Her fancy man finally shot him down but that's another story. Permalink
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