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Instead of $480 million I think he should be drawn & quartered. What possible incentive is there to make your company profitable if you are assured of a golden parachute like that one? And, who in their right mind would hire that idiot to run another company?
Hank Paulson would hire him. He would dole out a few hundred mill for all his old CEO banking buddies. That's why he asked for $700 mill not subject to legal review. I'm looking for the salary of the new CEO of Fannie Mae, Herb Allison. I recall hearing the salary when the announcement was made which I believe was in the +$100 million range but I haven't been able to verify it yet.
It's time for these CEO salaries to get a big haircut. If they lived a little closer to the real world perhaps they wouldn't throw other people's money around with such impunity.
They are operating at the level where the money is just a token. It is not money but a measure of their status amongst themselves. What we think of it is irrelevant. They are a separate and most unequal society.
He was closer to the truth than he knew. Most swindles are based on getting and keeping the victim’s confidence while you are robbing them blind. Other big boys created this lack of confidence when they, for very selfish reasons, ran away while the running was still good.
The government did not create the housing bubble. Plain old greed created it when big finance realized they could speculate with mortgage money that did not actually exist.
The government did not create the housing bubble. Plain old greed created it when big finance realized they could speculate with mortgage money that did not actually exist.
You mean money from the government which fueled the speculation? If not, explain who fueled the greed and where the money came from? I want facts, not just your tyraid that thinks the government can do no wrong and business owners are mean mean people..
The government did not create the housing bubble. Plain old greed created it when big finance realized they could speculate with mortgage money that did not actually exist.
blaming the collapse on greed is like blaming a plane crash on gravity!!!! if the government had not provided artificially low interest rates, the liquidity, a host of implicit guarantees to financial institutions and legislation to encourage the boom then none of this could have happened. what we need to understand is that there can never be boom without bust.
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