Wall Street is burning, but these fat cats will be just fine

The extent of ignorance in these comments is appallingBy MarketObserver on September 24, 2008, 1:51 pmNot surprising, but appalling, in the sense that neither the authors of this article nor most of the commenters appear to have the foggiest notion of the business model of a bank or the governance structure of a corporation. Without going into a discourse on the financial and economic fundamentals that our education system has failed to instill, let's just say that all of us have a vested interested in the underlying structure of the financial system -- whether we like it or not. If nothing else, keep in mind that most securities are not owned by the "fat cats," they are owned by retirement funds, universities, municipalities, and others that depend on them to provide you with services and benefits. The short-term lending that is frozen by the current crisis of confidence is the lifeblood of the system that keeps businesses running and paychecks coming. If you want to discuss government regulation of salaries or castigate the captains of industry as modern-day Scrooge McDucks, fine. But that's a discussion for another day. The patient is in the ICU, and the salary of the doctor for the moment is irrelevant. The election-year politicians and talk-show blowhards are engaging in the usual class-war rhetoric in their quest for votes and ratings. But, hopefully, behind closed doors, they're giving our leaders the tools to do what must be done. Tinkering hasn't worked. It's time for a bold move. The task is either to lead or get out of the way.

You people are nuts....By Anonymous on September 24, 2008, 9:42 amNo financial institution (not even Frank Capra's altruistic Bailey Savings and Loan) can survive a run on deposits/investments. The money wasn't stolen, so if you go breaking into mansions you won't find it stashed in the basements. It was loaned out, or invested and then redeposited, etc. The $700B is not all bad debt, and most likely as was the case in the Chrysler bailout the government will make a small profit on it. The intent of the "bailout", is to restore confidence so that people don't take money out of the financial system and put it under their matresses. Before you start screaming for heads, or letting the chips fall where they may, you might want to consider what living without car loans, private pensions, life insurance, credit cards and mortgages would be like....

I can not believe that ourBy Anonymous on September 23, 2008, 3:47 pmI can not believe that our tax dollars are going to bail out these loosers companies. I don't agree with it at all. It's crazy. Let's prop up Wall street and put the entire countrys treasure at risk for the future and not hold these guys accountable. I don't care how bad things get, we should let the giants fall (the bigger they are) and pick up the pieces later. I think if people can't pay their bills then they should get kicked out on their butts and pull themselves up and start again. I would like to know who is going to help me when I can't pay my morgage? The government? These CEOs? Bull hocky. It is downright criminal that the little people suffer because of the greed of the few. Revolt!

We need another revolution!By Anonymous on September 23, 2008, 3:32 pmWe need another revolution! All of the executives that received compensation from the companies being bailed out should have their monies seized and applied towards the $700 billion bailout. Nobody is worth more than $1,000,000 a year...no executive, no sports player...nobody!! The president of the USA maybe should make more.

compensationBy Anonymous on September 23, 2008, 8:09 amThe Beatles made great music and had to pay a 95% taxe rate (in "Taxman", the taxman says "There's one for you, nineteen for me..."). Tax these incompetents at 95% and give refunds to investors who lost their life savings. I don't care if they have to live in a cardboard box.

Accountability goes both waysBy Anonymous on September 22, 2008, 11:01 amPrivate asset seizure must be built into our legal system. Executives like to be "accountable" when times are good with huge bonuses and stock plans. When times are bad however it is never their fault or issue. Companies alone should build in "reverse" bonus plans with their own private funds going back when they screw up. These folks like to look at economic models....well one of the oldest around is the risk/reward model...higher risk, higher reward. The system is broken and it will get fixed either thru moral changes, regulatory changes, vigilante changes, or revolutionary changes. It had better change soon.

No single person in anyBy Anonymous on September 22, 2008, 1:38 pmNo single person in any corporation is ever worth more than 350k a year in basic salary. As far as incentive and bonuses - pay the jerks whatever they want, but they should have to donate at least 75% of it to charity. This type of greed makes me want to go on a killing spree.

The first step of theBy Anonymous on September 20, 2008, 2:53 pmThe first step of the bailout should be private asset forfeiture on the part of the executives responsible for this mess.

The first step of theBy Anonymous on September 20, 2008, 6:50 pmThe first step of the bailout should be private asset forfeiture on the part of the executives responsible for this mess.

Amazing. Now they won't evenBy Anonymous on September 20, 2008, 6:48 pmAmazing. Now they won't even have to retire early and pause the rocketing gain of wealth, because we get to pay to bail them out so that we may continue to enjoy the great priviledge of paying them.

Calling for the heads ofBy Anonymous on September 20, 2008, 5:43 pmCalling for the heads of companies without a criminal investigation is, well, criminal. There will always be people who cover blood with a bandaid while ignoring the fact that the limb is missing. Let's try to be smarter and find the real source of the problem. Here's another part of the problem: these businesses cry "free market economy" when they're making a killing but scream for gov't intervention when they're failing. It's one or the other but you can't have both. If the gov't is expected to bail you out then the gov't (and hence "the people") have a right to regulate prior to.

Who ever included KennethBy Anonymous on September 20, 2008, 12:47 pmWho ever included Kenneth Lewis in this is an idiot. Considering Lewis a fat cat is ridiculous, and including him exposes your stupidity. He saved Merrill Lynch (practically overnight) from complete failure caused by panicking investors who couldn't evaluate the books quickly enough. There have to be layoffs, because Merrill and Countrywide were poorly ran and insolvent organizations. What? Should Bank of America employ people who clearly had no idea (or no conscience) in what they were doing (Countrywide)? Bank of America's balance sheet is one of the strongest in the financial industry...partly because of Lewis' leadership, and they are licking their chops right now.

Take away their rewardsBy Anonymous on September 20, 2008, 11:44 amJail them, and confiscate their earnings to pay for their misdeeds! If they can't run their company, they don't deserve the money it made them, especially if the government has to pay their debts for them! Any money they have accumulated from working their should be put toward paying "their debt" off!

they should all be thrown inBy Anonymous on September 20, 2008, 8:53 amthey should all be thrown in prison with the hardened criminals...but of course since money is the only measure of power they are most likely all chilling on a beach somewhere. Some of those guys make under double digits, but I'm sure those are only the "official" numbers, there is always under the covers money.

It's quite typical of mostBy Anonymous on September 20, 2008, 4:56 amIt's quite typical of most businesses, rob from the poor to make the rich richer. All of the employees who really make things happen for these companies get a meager bonus, if at all, and a laughable salary.