18 Responses to "Hypocrisy: It’s What’s for Dinner…"
The curriculum at these business schools must exclude “integrity” since these new “masters of the universe” appear to lack that essential.
The cost of educating a future MBA must be worth it since the bottom line appears to be “it’s never enough”. Are there statues erected bearing the likeness of Bernie Madoff in these bastions of learning? Because it seems that they pattern much of their success on the principle of “grab and greed”.
But what do I know? I’m just one of the “common people” who just does not understand.
Here’s a good example of what Pat calls “grab and greed.” I was reading an article about Kenneth Feinberg, the guy who is the go-to guy for victim funds and mediation (he did the 9/11 fund, the Virginia Tech fund, etc.).
In the article it was talking about real Texas cage match stuff of fight-till-the-death matches he’s had with people. The example was when he was appointed as a “special master” by the government in determining what was the right salaries to pay after the bailout. His example was of an energy derivative trader from a Citigroup subsidiary — nothing to do with banking, nothing to do with investments, nothing to do with creating anything of worth, nothing to do with protecting the assets of Citigroup — just betting paper against other paper bettors.
Now mind you this wasn’t his salary — this was just his bonus for one year — pure unadulterated bonus for betting paper — $95 Million. Feinberg said no and Citigroup sold the subsidiary away. And you know what’s the kicker here — this paper energy trader will be taxed at 15% on the $95 million as “carried interest” income — a special tax loophole for Wall Streeters. If you wondered why Mitt Romney only paid about 16% tax rate — all his income from Bain is eligible for the “carried interest” tax rate.
Here’s the article on Feinberg:
HT — I believe in Connectedness — your faithful Wonder Dog is right where it was meant to be — heaven is always referred to as up, little did we know that “up” meant north to Canada.
Fredster, I have almost reached my limit on Morning Joe. I used to watch it for the relatively intelligent conversation, but as of late, it has turned to the mush of a pumpkin cleaning party.
The other day, Steve Rattner, smart guy, was making a nuanced, but cogent point about the very subject of taxes — Joe interrupted and said, “If you are making that argument, it’s correct, but too complicated, and then you are losing the argument. The Republicans never make such complex arguments and they are winning the argument on taxes.”
And there is the crux of the problem as stated by Scarborough, “If I can win the political argument with a low-brow factually lacking and bad policy argument, that is the one I take every time.” Idiotic lunacy — it is saying, “I want to be a winner at the loser argument.” Forget policy, forget what is good for the country! Maddening!
Move over on that swooning couch HT — I’m feeling a bad case of the vapors coming on.
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July 13, 2012 at 8:26 am
You have to ask just what is being taught in business schools today. The cost of educating an upcoming MBA must be worth it since it is from these vaunted halls of learning that the current crop of the “masters of the universe” are derived.
Apparently integrity is something that is tossed aside if you are to live your dream of untold wealth without accountability, the same wealth that buys you access to officials who are there merely to pave your path by bending every rule and enhancing every law that allows your to flourish.
But pay no attention to me. I’m just one of the common people who just doesn’t understand.