Posts Tagged ‘greed’
A suit was filed last week in the US against Goldman Sachs by the US government’s financial watchdog, the Securities and Exchange Commission.
GS is an example of all that is morally and practically wrong with capitalism. This is an obscenely-rich company whose ludicrously-rewarded executives do not actually do anything that I would describe as “work”. Their activities do not in
my estimation benefit the world in any meaningful way. They are parasites which feed off the backs of real workers (nurses, police, teachers, firemen, bridge-builders, electricians and so on) and – as in the recent shambles – end up practically killing the host.
There is a good case for forcibly putting them out of business and completely reorganising financial services, with the accent on SERVICES. A functioning society needs investment and jobs. Banks should be there to look after money and provide investment to companies, not shuffle around paper to make themselves obscenely-rich.
GS and others apparently have some sort of electronic system that operates automatically and instantaneously to market movements, allowing them to make vast sums by doing no work. NO WONDER bright graduates seek to join such leech-like firms instead of becoming teachers, researchers or otherwise seeking to do something useful for society apart from themselves.
If they are guilty, I hope we see the company broken up and put out of business. The criminal deception is no different from that at Enron, where people pretending (with already vast salaries) to serve the public were conniving to do criminal damage to put up the cost of their product. They were given a severe penalty, and it should be the same for any white-collar worker if found guilty. I don’t have much hope for the eventual down-to-earth-sizing of GS (they are well-connected and can afford good lawyers …), but I am not the only person angry about all this greed. Get past the cosy confines of Wall Street bars into the real America and there are plenty more who feel the same way.
By Chris Snuggs
Scoop information – direct from the Board Room
Given the plethora of comments on banking bonuses recently our intrepid reporter has managed to get access to a bankers’ board meeting to establish exactly how targets and bonuses are planned. His transcript is highly revealing of a complex system tightly geared to the bank’s activities and designed to give maximum incentive to those at the highest level.
So here you have it …..
Board Meeting at FatGreedyBankers, Limited (extremely)
Hello chaps. We’re here to set the targets for this year’s bonuses.
Jolly good, Sir Tosser. What did you have in mind?
Well, if the bank doesn’t actually go bankrupt we all get £1,000,000 quid. This is our baseline. Got to have a baseline ….. Then we get an extra £1,000,000 bonus for every £10 profit we make. What do you think?
I must say these are pretty stiff targets, Sir. As you know, the chances of going bankrupt are very high.
Yes, but then we get bailout money so we don’t have to worry about that.
No Sir. Well, I’m sure we all relish a challenge, don’t we chaps? Let’s go for it!
By Chris Snuggs