Jan. 5: A new report reveals that nearly all of the top executives from the bailed-out banks were able to keep their jobs in 2009. Author Barry Ritholtz explains how these same managers, who were blame for bringing the economy to its knees, were able to stay employed.
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Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.
"Overall household indebtedness is up from $7 trillion to almost $10 trillion since 2000. On this sum, we estimate, the American consumer has an annual interest bill of more than $500 billion; a sum, by the way, that vastly exceeds his current income growth." —Kurt Richebacher
"The Greek offer is not sufficient and they have to go away to come up with a revised plan," said a spokesman for the German Finance Ministry. The Greeks must first have a plan that satisfies the Germans which this comment states they clearly don't yet and then the Greek Parliament will vote on it this weekend. This said, whatever package gets voted on in Greece is basically an up or down vote on euro membership so we are entering another uncertain weekend for global markets. A failed vote will likely lead to a hard default which may be what...
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January 5th, 2010 at 1:47 pm
[...] UPDATE: Video is here. [...]
January 5th, 2010 at 4:14 pm
Keep spreading the truth BR.
January 5th, 2010 at 7:14 pm
Barry, I am now reading Too Big to Fail and I remember when you were talking about all the subjects of that book two or three years ago. It stuns me that these guys have not suffered (except for maybe Fuld, who appears in the book to be totally clueless). I also know now that my mortgage is just another toxic Lehmann asset.
http://www.huffingtonpost.com/francine-hardaway/happy-new-year—-but-not_b_409809.html
You had it right from the beginning.
BTW, saw Richard L yesterday and am working with him again. Excited.
January 5th, 2010 at 7:52 pm
Brings to mind the cocaine scandals of the 1980′s – remember Steve Howe of the Dodgers? He was caught, rehabbed and reinstated SEVEN times for this. My point is that somehow, if there is an inkling that monies are owed based on contractual terms, then it is easier to look the other way. Blankfein’s Boys committed the egregious acts at GS, or let them happen (omissions or commissions); firing any one would make the next guy up culpable, no? Or at least open the files for everyone to see.
In my line of work (manufacturing), if you screw up, you could cost someone his or her life or a grievous injury. At the very least, you could lose an inordinate amount of money that cannot be made up – unlike monies made at the big banks.