Sunday Smack Down

I was seriously tempted to drag “This is Why They Hate You and Want You to Die” by The Reformed Broker (A.K.A. Joshua M. Brown) over here in its entirety. But dude deserves mad page hits for this masterpiece, so here’s a few snippets:

You want to know why everyone in this country hates you and wants you dead, you big stupid fucking bank?

Here’s why, pay attention:

(Reuters) – Bank of America Corp will pay $11 million to ousted executives Joe Price and Sallie Krawcheck, a large payout at a time when banks face protests over pay but smaller than the eight-figure packages some executives received before the financial crisis.

[...]

Elevenmilliondollars?  What the hell world are you inhabiting?  Eleven million dollars for two departing executives because things didn’t work out?

[...]

The ordinary American is not a class warrior or a woe-is-me whiner coveting the rewards of others - the ordinary American simply believes that extraordinary rewards should go to those who do extraordinary things, not to paper-pushing failures at parasite banks.

Go. Read it all.

Posted by Hunger Tallest Palin on 10/09/11 at 04:32 PM • Permalink

Categories: Messylaneous

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Awesome article.  Couldn’t have summed it up better myself.  I’ll add this to the list of clips I reference & forward on as illustrative examples.

I have a friend who is about to start working for a big investment bank (she finished an internship over the summer).  She explained to me that ‘golden parachute’ deals are there as a sweetner so that the CEO in question involves himself properly in the process to select his successor, and also so he doesn’t just piss off the moment that he’s told he’s going to leave and leave the bank leaderless for a couple of months.  She doesn’t see anything wrong with this.  I usually restrain my ascerbicism when talking to her (she is my friend after all), but I couldn’t help a little sarcasm on this occasion - the rest of us are expected to serve notice, and indeed often feel duty bound to do so, but in the world of finance the only way to get anything done is to stick a wadge of cash in someone’s back pocket - the only way to get people to work, to get people to stay, and even to get them to leave when you want to.

BoA is charging customers monthly ATM fees now I guess so they can afford these kinds of payouts.  Wonder how many more customers they’ll lose.

I couldn’t believe how many people were defending the bank and the bonuses in the comments.

Not only are the bank execs laying people off, charging the customers more for services and giving themselves obscene bonuses for f*cking up but they aren’t lending any money these days. They’d rather buy and sell “financial instruments” than fulfill their stated purpose.

I know, Glix. The second comment, which is a reply to the first comment (which supported the points made by Joshua Brown), goes like this:

I don’t understand why you care, or how this effects you in any possible way.

And he goes on to emphasize that unless we are a shareholder, an employee, or a customer, it’s none of our business.  Oh, and if we’re shareholders or customers, we…

“...have an easy solution: vote with your feet/your money - if you don’t like it, GTFO (that’s get the f*ck out).  That’s your right as a consumer/shareholder….”

Thank god my Niners won biggity big big today. Otherwise I might be perturbed.

the rest of us are expected to serve notice, and indeed often feel duty bound to do so

And probably 9 times out of 10 when you do that the boss tells you to clean out your desk and leave right now anyway.  Obviously no severance because you made the decision to quit and, haha, no golden parachute for you rank and file pukes.

For me this is really pretty much the money quote:

You went back to bonus-swilling, full-retard mode as though nothing ever happened and 13 million people weren’t sitting around in their post credit-bubble joblessness for three years now.

Yep.  Gummint bailed us out so it’s back to bizness as usual.  Boiling in oil is too good for these assholes.

I don’t understand why you care, or how this effects you in any possible way.

Translation: I didn’t bother to read what you wrote, but won’t stop me from pulling something out of my ass.

As Herman Cain says, “You live in the freest nation on earth.  If you aren’t rich, it’s your own damned fault.  (And I’m not rich)

  If we just owned a few Congress critters, we could completely crater our finances , then pull ourselves back up by the taxpayer’s bootstraps ,just like those intrepid banksters.

How can American companies be competitive in a global marketplace when they don’t do this shit in other countries?

So what if we capped executive compensation at 1M a year or something like that.  Are we to believe that people who are good at that sort of thing will no longer want to be the CEO of large companies? 

Plenty of people, given a shitload of money and a disincentive to make more of it, would just sit on their asses and do nothing.  Those are not the kind of people who become CEOs.  This whole “oh no they’re gonna go Galt” shit smells to me of not understanding why successful alpha-type people do what they do: because they like being in charge, because they like the approval, because they like making big things happen, because they happen to be good at it.

Anyone else having trouble with the link? I can’t get connected to the site. Even tried going directly to the web address.

Some banksters’ heads on pikes, lining Wall Street.  “pour l’encouragement des autres.”

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