freecounterpoint: Sell, JJ, sell!

Saturday, September 27, 2008

After a drinking binge into the wee hours, who's gonna pay the tab? Ah, don't worry, have some more ouzo.

Tecumseh said...: Hugo offers some friendly advice. And he hawks some cheapo PCs for the Portuguese. Buy, AA, buy!; 9/27/2008 11:26 PM
Mr roT said...: Is this from HuffPo?; 9/27/2008 11:36 PM
Tecumseh said...: If you click on the links (yes, you can!), you'll see that one goes to money.cnn.com, the other to yahoo.com (reprising a Reuters story). Are CNN & Yahoo subsets of HuppPo, JJ?; 9/28/2008 12:41 AM
Mr roT said...: Yes. Like duh!; 9/28/2008 2:13 AM
Tecumseh said...: All right, Mr. Economicus, answer then this question:

Without serious executive-compensation reform, said Peter Morici, an economist at the University of Maryland, "this is not going to free up a lot of credit," Banks "cannot create enough value creating financial products when you pay 30-year old MBA's $10 million a year."

How's that oft-repeated JJ line that the "market dictates these salaries"? Bullshit. No way on earth that 30-year old hotshot who took an MBA from Harvard is worth $10 million. If a bank pays that kind of salary, they're just big fat idiots, and they deserve to go under, not be bailed out by John Q. Taxpayer. That's how the market is supposed to work -- let's have some Darwinian selection here. This should bring down that $10 million under $100K -- still a lot of money for just pushing paper around, but hey, I'm being generous today.; 9/28/2008 9:17 AM