You know who I’m talking about …
from Paul Krugman’s August 2nd column, “Rewarding Bad Actors”:
“But crashing the economy and fleecing the taxpayer aren’t Wall Street’s only sins. Even before the crisis and the bailouts, many financial-industry high-fliers made fortunes through activities that were worthless if not destructive from a social point of view.
One involves the rise of high-speed trading: some institutions, including Goldman Sachs, have been using superfast computers to get the jump on other investors, buying or selling stocks a tiny fraction of a second before anyone else can react. Profits from high-frequency trading are one reason Goldman is earning record profits and likely to pay record bonuses.
On a seemingly different front, Sunday’s Times reported on the case of Andrew J. Hall, who leads an arm of Citigroup that speculates on oil and other commodities. His operation has made a lot of money recently, and according to his contract Mr. Hall is owed $100 million.”
from Deborah Alaba’s lexicon:
How long is President Obama going to stay under the sway of the educated, classy people who got us into or approved this mess in the first place?
Mr. President, it’s worth the fall out to push back on these folks.
I’m not against good salaries and incentives but in the name of all that’s holy, what single individual can produce $100 million in value a year? There is no Superman people. And taking our bailout money to line their pockets? Get the bast@#$! *
*Unless you don’t care about education, infrastructure, health care, national defense, …