These people are no more than thieves who use these publicly traded companies to enrich themselves beyond most peoples wildest dreams. If we can put all this in perspective, no one is worth an annual salary of a million dollars. There are plenty of qualified, educated people who would be more than willing to take their positions for a $500k annual salary.
These people did not create these companies, produce their products, nor the sales, it took a host of people to do this, and without the the dealers and the salesmen, they would be hard pressed to sell anything, less it be at the government level.
Its one thing to create a business, or a product and sell it for what the buyer is willing to pay for it, its quite another to be a Steward of other peoples money and abuse that position. Its also a travesty when the President can nominate someone who is a past Senator and the Congress can place him at the Helm of an Agency who has had lobbyist, and special interest groups, Ceo's, Hedgefund mgrs, and the like he has catered to in the past for campaign funds, etc, etc, etc...Only the gullible would choose to not believe that the very same people aren't taking care of this Chairman while in this position. Its not only him. Old man Bush nominated this bum, and he should have been removed during the Clinton era or asked to step down, the problem is the Republican party had the majority rule then, but he could have forced his hand if he had chosen to. He has been a real asset to all the crooks, and its not done for a song and dance.
The President, the Congress, and all those mentioned benefit from having all the right people in all the right places, and they are the people who make the rules, just like the Casino's in Vegas, everything is fixed so the odds are in their favor, and the rules change for the high rollers, who are sophisticated enough, rich enough, and influential enough to not get taken. The red carpet is rolled out for them.
Our US market is so one sided, and is so corrupt, and geared for those who have the most stock, and money, control it. The derivatives market is a nightmare, and only those who use them understand them, and the various types?. I've read that its estimated that $37 trillion in just CDS's are floating in the US market, and as many as $85 trillion world wide. The combination of all the derivatives may be $800 trillion.
These CDO's and CDS's are whats claimed to be the culprit for all these business failures, but the idea behind them was to make these very institutions richer than they ever have been, and everyone in key positions intake to be even more than they are already being compensated.......Merrill Lynches Ceo for 2007 $161 million, Fuld $50 million, Fords Ceo $22 million, GM's $16 million, Bill Gates over $500 million, Just the 5 Hedgefund mgrs who were called to Washington can easily be $10 Billion for 2007, and this is only five of the estimated 10,000 in the Caymans and 600 in the US.
The bottom line question is where does all this money come from?????????????????????........
How much on average has the blue collar worker lost in investments over the last 20 years. To just give one example my Ma on the wifes side has a friend who is a widow has lost $180,000 from her $250,000 nest egg left by her husband who passed...............This is just one person of the millions who over the years have lost and lost and lost.
There is no place left, not in this country anyway to invest in, there is no such thing as investing, less we fit into the above categories, at best its a trading vehicle, in and out. This is why none of these business will ever have a real public future, everyone and everything has been put at risk, and the result is collapse.......................It didn't come over night, it really started building in the 90's. The market has always been dirty but today this is the abyss of corruption, and next round its gonna be over for decades to come, and it may take another 30+ years for it to ever come back..........but the mega rich has enough already to sustain their lifestyles. They will continue to get all they can.
Skilling and Kozloski, Bernie Edwards, Stewart, are really bad jokes when we look at the big picture and the scheme of things..........it meant a slap on the hand to the rest of the market, it meant nothing, it goes on in the market every day.
Banks use to give 6-3/4 interest, the money market even higher, today its nothing for the weekly earner. Things were
geared to get people into the market, and the reason why so many of these institutions developed into these investment banks, with brokers and financial advisors.
It was these type of changes within the Savings & Loan Institutions why so many lost their life savings during the S&L scandal to junk bonds, a better way invest their retirement savings. The people they preyed upon were the elderly, and retiree's. The bums involved with the loss of peoples life savings, a slap on the hand as they laughed all the way to some bank abroad.
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