Are Wall Street CEO's Worth The Money?

[lame54]

http://crooksandliars.com/susie-madrak/michael-lewis-talks-60-minutes-about (for video)

Michael Lewis on 60 Minutes

"Do they deserve all that money?" Kroft asked.

"Again, what do you mean do they deserve it? They worked really hard. They spent a lot of hours in the office," Lewis said. "So you can't begrudge someone who starts a company and employs lots of people and so on and so forth for making a lot of money. I don't mind people making a lot of money. On Wall Street the business has become very obviously divorced from productivity, from productive enterprise."

"So in that sense, no. They don't deserve it. They didn't earn it," he added. "What they did was finagle it. They were very good at putting themselves in the middle of large financial transactions that probably shouldn't have happened in the first place and taking out little pieces of it. They generated trillions of dollars of subprime mortgage loans that should never have been made. But the world would be better off if that whole industry had never existed. So that's crazy."

[mbperrin]

1. the world would be better off if that whole industry had never existed.

Excellent summary. Now, can we be issued hunting licenses to wipe out this menace and generate a few bucks for the Treasury?

(Yep, the Wall Streeters force me to show my redneck ancestry, no matter how hard I've tried.)

[opihimoimoi]

2. Their EXPLOITIVE CARD was ABUSED.....OVER USED...and and .,.EVIL

They Deserve what the average Plumber makes....X 4...no bonuses....except when advancing Humanity and Stability through Investments/contributions....

[opihimoimoi]

3. srry.. dupe 2

[opihimoimoi]

4. srrry

[diane in sf]

5. no

[Initech]

6. Short answer: Fuck no!!!!!

[unapatriciated]

7. They're TOTALLY worth it...

:puke: :puke: :puke: :puke: :puke: :puke: :puke: :puke: :puke: :puke: :puke: :puke: :puke: :puke: :puke: :puke: :puke: :puke: :puke: :puke: :puke: :puke: :puke: :puke: :puke: :puke: :puke: :puke: :puke: :puke: :puke: :puke: :puke: :puke:

[unblock]

8. "the world would be better off if that whole industry had never existed"? BULL

subprime mortgages existed and were and financed heavily by wall street since the '80s and a whole lot of people were put into homes over the last over the last quarter century and it worked out well for all involved in most of the cases for a long period of time. it's shows a big lack of perspective to look at the current mess and conclude that the entire industry shouldn't have existed.

rather, subprime mortages were a good idea, but letting them go off the rails over the last 5 or so years was the problem. it was things like LACK OF REGULATION and LACK OF OVERSIGHT and LACK OF ENFORCEMENT and LACK OF DISCLOSURE that was at the root of the problem.

subprime mortgages, in general are a good idea and a good business model. but the shrubbies said "let's just not enforce any rules" and, well, you can see what happens when you do that.

[applegrove]

9. That story ties in nicely with the capitalism eats itself alive meme.

[RainDog]

10. F U C K * N O !

[sakabatou]

11. Shit no!

[salguine]

12. Feeding these CEOs into the guillotines would be an excellent start on the road to recovery.

[Chisox08]

13. Hell Fucking NO!

[Bryn]

14. Great Mottos on wealth

"No one can earn a million dollars honestly."
- William Jennings Bryan (1860-1925)

"Behind every great fortune there is a crime."
- Honore de Balzac (1799-1850)

[Confusious]

15. Double Triple Fuck NO! n/t

[Odin2005]

16. It seems like the jobs that require the least real effort pay the most money.