Sunday, March 15, 2009

The on-going immorality

You've presided over the biggest corporate failure in history and help oversee a company that is a financial blackhole so large that $170 billion of tax payer money has not yet been able to fill it. Yet, unlike Lehman Bros. and Bear Stearns, but like Hank Paulson's own beloved Goldman Sachs and Citibank, you have been deemed to be too big to fail. So, what do you deserve? Your super-sized welfare payment, of course! That is why A.I.G., despite being on federally funded life-support, is doling out $165 million to their clueless, slack-jawed executives who did their part to guarantee the demise of our financial system.

I think it only fair that you are rewarded for your monumental effort that led to losing $61.7 billion in the fourth quarter of last year. A loss like that, which is the biggest in corporate history, certainly deserves a reward. It could've been worse, the fourth quarter loss could've been $61.8 billion, or $61.865 billion, thus recouping the amount their bonuses. Hey, I am a coffer's-not-as-empty-as-it-could- be kinda guy!

While there is much that is very fundamental about which I disagree with Jon Stewart, he was spot-on in his interview with Jim Cramer. Here is the three part, unedited, interview:

Yeah, yeah, yeah, Madoff pleaded guilty to 11 counts, but he and his wife are still worth over $800 million. What really infuriates me is that he is under no obligation to talk or disclose anything. Stewart's take away quote is worth taking to heart: "When are we going to realize in this country that our wealth is work?"

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