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#1 |
Join Date: Jan 2006
Location: Seattle, WA
Posts: 10,665
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ALL the officers and directors of Morgan, Goldman, AIG, and any other firm benefiting from the bail out TOTALLY WIPED OUT. No net worth. No retirement. Starting over. That's what would happen to you or me if we made such a mammoth miscaculation. Say, if we put all our assets into WaMu last week expecting to get in when the stock was down and then rake it in after things turned around. That's essentially the penalty I suffered for my divorce. That's a minimal punishment for them after they brought the most powerful corporations in the world literally to their knees through gross incompetence. I'm not asking that they go to jail. But these officers and directors should have to give up every penny. They should be totally wiped out.
If that's not in the bill, we don't live in a meritocracy, there is no symetry between risk and reward, and it is most emphatically not so that where much is given much is expected, at least in America. For some reason I doubt I'm going to find that language I'm hoping for in the bill.
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Interrupt all you like. We're involved in a complicated story here, and not everything is quite what it seems to be. —Paul Auster Last edited by SeattleUte; 09-29-2008 at 04:05 AM. |
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#2 |
Senior Member
Join Date: Oct 2007
Location: Orange County, CA
Posts: 9,483
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No net worth? That would be awful.
Or are you assuming that all the officers had no liquidity and were completely tied to stock? My guess is that many of those folks already owned homes and had other investments.
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Fitter. Happier. More Productive. "Everyone is against me. Everyone is fawning for 3D's attention and defending him." -- SeattleUte |
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#3 |
Demiurge
Join Date: Aug 2005
Posts: 36,367
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This is one more piece of evidence that there is no distinction between the democrats and the republicans.
There are only the powerful and the powerless. |
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#4 | |
Join Date: Jan 2006
Location: Seattle, WA
Posts: 10,665
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Do you know why AIG got bailed out? Beacuse had it failed Goldman would have gone up like the Hindenburg. Paulsen is a former CEO of Goldman. I honestly think there's a lot to this that's all inside deal. Like all those select families getting all the great government jobs in Anna Karenina. http://www.nytimes.com/2008/09/28/bu...prod=permalink
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Interrupt all you like. We're involved in a complicated story here, and not everything is quite what it seems to be. —Paul Auster |
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#5 | |
Demiurge
Join Date: Aug 2005
Posts: 36,367
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Even the black guy trying to crash the pary--part of a political machine, connected at Ivy League, alumnus of elite private school, etc. |
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#6 |
Join Date: Jan 2006
Location: Seattle, WA
Posts: 10,665
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Seriously, why should a small business owner have to live by his wits, he makes a mistake, and he's on the street, and no one cares that his kids lack even basic necessities. But these officers and directors of Goldman get to retain all their creature comforts, their palacial offices, etc. If they suffer anything it's only paper losses. Life in America aint fair. It's not. Not at a cosmic level. I know these investment are not special in terms of talent or ability. Haven't they shown that? okay, protect the banking system, but the folks who did this should be as personally destroyed as Elliot Spitzer.
I bet it won't happen.
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Interrupt all you like. We're involved in a complicated story here, and not everything is quite what it seems to be. —Paul Auster |
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#7 | |
Demiurge
Join Date: Aug 2005
Posts: 36,367
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#8 |
Join Date: Jan 2006
Location: Seattle, WA
Posts: 10,665
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What better proof of this could we have? The CEO's of Goldman and AIG call the Treasury Secretary on Friday and by the time the weekend's over AIG has an $85 billion hand out. Were you or I consuslted? We found out about this after it happened. This is such fucking bull shit.
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Interrupt all you like. We're involved in a complicated story here, and not everything is quite what it seems to be. —Paul Auster |
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#9 |
Senior Member
Join Date: Jan 2006
Posts: 580
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The idea of forcing directors and officers to forfeit their net worth may be satisfying given everyone's anger about the gargantuan mess we're in, but it's also silly to think for a second that would ever happen. The Fifth Amendment would be a good place to start for reasons why.
However, it might not be a stretch to impose a few major penalties, including the forfeiture of all stock and options held by D's & O's of the assisted corporations, on the ground that without the assistance, the stock and options would be worthless anyway. A tougher penalty would be to impose a forfeiture of all profits made on the sale of stock within the last [two? four?] years, a kind of Section 16(b) short-swing profits penalty, albeit with a much wider amplitude than the current six months. Imposing the rule after the fact wouldn't pass constitutional muster, but I wonder if it could fly if it were imposed as another condition of assistance. Executives who resisted could be tarred and feathered and the next annual meeting of stockholders. |
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#10 | |
Assistant to the Regional Manager
Join Date: Aug 2005
Location: The Orgasmatron
Posts: 24,338
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