When Greed Is Not Good

Posted: May 24, 2011 in Uncategorized

When Greed Is Not Good.

That, as it turned out, was a misjudgment. When the big banks and insurance companies got bailed out by their governments in New York, and in London, the top executives nevertheless insisted on their bonus payments. AIG, probably the most incompetent financial company of all time, had to be bailed out to the tune of $160 billion, and yet its executives felt they were entitled to several hundred million dollars worth of bonus payments. Of course, these bonuses were small relative to the sums involved in the rescue of the bank, but they symbolized the unfairness better than anything else. Bankers were so incompetent that they had to be bailed out by the government, and then they rewarded themselves for their failure.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s