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Location: The place where the road & the sky collide
23,814 posts, read 34,693,648 times
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Quote:
Originally Posted by Final49er
Do people even read these stories, or are they in too much of a rush to regurgitate the talking points they heard on the radio today?
It's right there in the story. They did not have buyout guarantees in their employment contracts.
As my name suggests, I am a Charlotte grad (as is Joe Price), and a BofA shareholder (I have a decent number of severely underwater shares in my active trading protfolio, not in my 401k), so I have multiple perspectives.
And here is my take - While I like seeing a Niner grad like Price do well, I can't help feeling annoyed here. You see, this so called free market, with its super efficient and always correct decision engine (or so the talking points tell me), seems to reward failure again and again. Whether it's the Home Depot CEO that got an enormous $210 Million exit day parting gift for running the company almost into the ground, the recent huge bonuses to heads of failed investment banks (and related entities), or in this case, the heads of major departments at a failed bank (BTW, how much of a handshake did Ken Thompson get at Wachovia for orchestrating the Golden West purchase?), there's no accountability for failure. In fact, many of the people who drove us into the financial abyss are still in power and still getting paid handsomely for it, while they cook up their next hair brained scheme.
But we should blame the unions. Especially those dirty, dishonest, lazy teachers unions.
How anyone continues to make these arguments with a straight face is beyond me. It's not about partisanship, it's plain common sense.
I don't begrudge anyone their just rewards for hard work and beneficial innovation, but that's not what this system is giving us. It's rewarding failure, and protecting the oligarchs. That's not democracy, and it sure as hell isn't real competition and a real free market - the one where the buyer has the power, not the exec in his ivory tower. It's corruption.
Where is this coming from? There are no teachers unions in NC, much less Charlotte.
I hope there are gonna be convictions - and they need to go further than just the banking sector.
I think this is what a lot of folks are upset about - the fact that there have been no convictions, when in the past, as with the S&L debacle, people went to prison.
Krawchek was only at B of A for 2 years, and as I recall she was not employed when B of A picked her up off the beach. $5mm bonus for getting fired. Nice work if you can get it. The execs who were not fired are likely very jealous. They may have to forego bonuses when B of A posts a multi billion$$ loss for the year.
Just remember: The corporation exists primarily for the enrichment of senior management. This overriding principle explains 90% of corporate behavior.
I hope there are gonna be convictions - and they need to go further than just the banking sector.
I think this is what a lot of folks are upset about - the fact that there have been no convictions, when in the past, as with the S&L debacle, people went to prison.
I hope that includes the people who could still afford their homes but walked away because they didn't like the fact that the house they bought was now worth less than what they originally paid for the house.
I hope that includes the people who could still afford their homes but walked away because they didn't like the fact that the house they bought was now worth less than what they originally paid for the house.
And along with that, all of those who wound up defaulting on loans, being foreclosed on and filing bankruptcy because they were foolishly living well above their means on credit they had no hope of paying back to begin with.
I hope there are gonna be convictions - and they need to go further than just the banking sector.
I think this is what a lot of folks are upset about - the fact that there have been no convictions, when in the past, as with the S&L debacle, people went to prison.
Yes! A great first step would be hard jail time for the crimes here.
I hope that includes the people who could still afford their homes but walked away because they didn't like the fact that the house they bought was now worth less than what they originally paid for the house.
Walking away from an underwater mortgage is a common business practice in commercial real estate.
Walking away from an underwater mortgage is a common business practice in commercial real estate.
So is filing bankruptcy with some unscrupulous business owners - who essentially set up a company and milk it for all it is worth, engage in profit-taking, then leave vendors holding the bag for payments for goods and services that will never be reimbursed.
Doesn't make it right, just b/c some folks have figured out how to engage in nefarious business practices and get away with it.
How can someone honestly pretend to be outraged about corporations paying their employees money, and never complain about the TRILLIONS of dollars of OUR MONEY that Congress wastes on pet projects and failing social programs?! The private companies are not the problem in this country! They don't waste your money unless you are a customer. You have the RIGHT to take your business elsewhere. However, the government forcefully takes a percentage of YOUR earned wages. You can not take your business elsewhere unless you want to move out of the country. THE PROBLEM IS IN WASHINGTON! Blame our elected officials for being in bed with corporations. We should hold politicians to a much higher standard than private corporate employees! Get a grip, stop blindly following the cheerleaders on the extreme sides of the political spectrum, and think for yourself. Wow the stupidity is unbelievable sometimes.
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