Thursday, September 18, 2008

Rise and Shine

Good Morning Wall Street and everybody else getting our money!

So, even though the government has bailed out another Wall Street firm to the tune of $85 billion, the numbers sunk to new lows Wednesday.
Thanks a lot.
Now, not only do those of us who work every day and struggle to make it from check to check have to pay the bill for bad management at AIG, but our stocks are also bleeding money.
So, we get two shots at once. First the shot to the head, then to the gut.
Meanwhile, the head of these firms are taking home millions a day then complaining about our 'economic situation.'
According to reports, AIG CEO Robert Willumstad will lose his job over this. Of course, he won't have to give back the nearly $20 million in bonus money he made this year. He will also get a pretty sweet severance, although nobody is talking what that may be. You can be pretty sure, though, Willumstad won't be working in the local Wawa any time soon.
Here's a quick question: If AIG is so far in the red it was going to collapse until the bailout, where is the money coming from to pay off the executives? I have a better idea, make them pay back everything and go from there.
All of this stock market turmoil comes down to one thing: greed.
There was a relatively small group of companies who grabbed the opportunity to climb on the back of consumers and make billions. They made it easy to get loans, credit cards, mortgages, then used high interest rates and strong-arm tactics to strangle the average person.
We didn't pay attention to the warnings and let these few run us down.
Now, they are sending jobs overseas and many are losing their homes.
Hope they enjoy the view.
Or, how about we give them a view. Divest from the stock market. Take the money away from these companies. We might be mad as hell, but until we don't take it any more the only way to go is down.
Make them sweat.
After all, they are sitting in the ivory tower telling us to eat cake.

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1 comment:

Anonymous said...

I understand when corporate executives are compensated handsomely. However, it should be based on performance over an extended time, such as five years, rather than a year-to-year basis, so as to encourage more responsible risk, rather than its opposite. In addition, the executives should face accountability with their compensation. When the performance is stellar, they should receive the benefits. When it is less than so, they should be required to accept those ramifications and be compensated in a likely manner.