Eugene Robinson: Who Knew Bankers Were This Stupid?

[marmar]

from Truthdig:



Who Knew Bankers Were This Stupid?

Posted on Feb 2, 2009
By Eugene Robinson


Earth to Wall Street: It’s over, people. You had a terrific run, better than you deserved, but now you’d be wise to pay attention to those citizens outside, the ones with the pitchforks and the torches.

Sen. Claire McCaskill’s righteous verdict on shameless, clueless, bonus-grubbing executives should be carved on the tombstone of the whole “Masters of the Universe” ethos that brought us to this moment of dire economic peril: “These people are idiots.”

The Democrat from Missouri was ranting for the nation last week when she took to the floor of the Senate to denounce the reported $18.4 billion in year-end bonuses that Wall Street awarded itself—a pat on the back for such total, abject failure that taxpayers have had to shell out nearly a trillion dollars in emergency bailout funds. So far.

On the subject of Merrill Lynch, which traditionally pays its bonuses in January, McCaskill was white-hot: “You know what these sneaky guys did? They decided to give their bonuses in December, before the Bank of America took over. paid out three to four billion dollars in bonuses in December, and that quarter Merrill Lynch lost $21 billion. What planet are these people on? What could they be thinking about?”

Themselves, would be my guess. ..........(more)

The complete piece is at: http://www.truthdig.com/report/item/20090202_who_knew_bankers_were_this_stupid/

[izquierdista]

1. I knew for a long time

Bankers are sheep. Never have an original thought, just stay with the herd and continue grazing. Don't stick out, take more risk than the other guy, or less risk, just be the same.

[screembloodymurder]

2. No, we're the sheep.

They're the wolves and rich ones at that.

[natrat]

3. sadly the thousands of people working back office support will be screwed too

[HereSince1628]

4. The Bankers aren't idiots, the idiots are those who laid out billions

with very few restrictions and very little accountability.

Who are the idiots that that didn'tt realize that the assumption that bankers would use the money to help someone other than themselves would simple make an ass out of you, me and the rest of American taxpayers?

[Catshrink]

5. Exactly.

Well said.

[Moostache]

6. I volunteer to...

be one of the villagers with a torch. Someone else can grab the pitchfork...

I firmly believe that we should burn down EVERYTHING these people "earned"/ STOLE during the run up to this crisis. It is not just the bonuses this past December that I find offensive, it is the fact that NONE of these bastards seem to be willing to take on ANY accountability, shame or legitimate regret about the situation.

The illusory gains that they used to justify these salaries and bonuses have proven to be pure fiction...if the reason they gave for taking the money at all is false, then the logic dictates a full retraction of the money taken...period. I am tired of living in a world with two sets of "justice" - the one where a common man found with a joint gets to be robbed of $5,000 (many times MORE than his total NET worth), while banker millionaires and billionaires can lie, cheat and steal to the tune of crashing the world economy and yet not ONE is imprisoned and only Madoff is even awaiting trial...

No Justice, No Peace!