Courtesy of NYT
>
Source:
On Wall Street, Bonuses, Not Profits, Were Real
LOUISE STORY
NYT, December 17, 2008
http://www.nytimes.com/2008/12/18/business/18pay.html
In any great organization it is far, far safer to be wrong with the majority than to be right alone. —John Kenneth Galbraith
Asian currencies continue to sell off vs the $ on the heels of the news yesterday that South Korea said they will look into hot money inflows stemming from the $ carry trade and the Bank of Indonesia said they are looking into the foreign buying of bills. This follows the news a few weeks ago that Taiwan was limiting foreign deposit holdings and Brazil was taxing foreign inflow transactions. As I mentioned yesterday, we may have reached a short term pain threshold in terms of $ weakness and foreign countries are fighting back as they certainly won't wait for...
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December 18th, 2008 at 11:47 am
Sweet deal for Dow Kim. Enough $$$ to live off for the rest of his life by committing fraud. It’s like making that big cocaine deal – except in the bank executive ass-kissing culture of America (by politicians and the public at large) he will get away with it. It’s another sad confirmation of the collapse of America where schemers and frauds in the finance world are rewarded for contributing nothing to the economy at large.
December 18th, 2008 at 12:37 pm
Such a clear case of “follow-the-money” and still so many don’t understand why this debacle happened.