Greed

Nearly 40% of the Top Paid CEOs Bombed at Their Jobs

The Institute for Policy Studies has released a no holds barred report on CEO pay, culture.  Even the study title screams outrage, Executive Excess 2013: Bailed Out, Booted, and Busted.  Every year there is a list of the top 25 highest paid CEOs and over the past 20 years this list has included 500 executives.  Of those 500 who made the Wall Street Journal's top 25 highest paid Chief Executive Officer list, a whopping 38% were utter failures at their jobs.

When Hedge Funds Trump Governments

vultureWhile Greece suffers to the point of revolution and suicide, hedge funds made out like bandits on Greek sovereign debt.

Greece had reached its target of buying back enough bonds at a discount to retire 21 billion euros, or about $27 billion, of its debt. The bigger winners, though, were hedge funds, which pocketed higher profits than many had expected, in yet another Greek bailout financed by European taxpayers.

To some experts, this latest chapter in the long-running Greek drama is another reminder of how private investors have managed to outmaneuver European officials at various stages of the debt crisis. And they caution that each time it happens, future debt workouts in the euro zone will become even more costly.

When Europe wanted to give the Greek bond holders a hair cut, the hedge funds threatened collective action against a host of European countries. They wouldn't buy any European sovereign bonds in retaliation against the Eurogroup taking a hard line against them.

The warning was blunt: If Athens set off legal mechanisms in the bond contracts known as collective action clauses, forcing bondholders to accept lower prices, investors would stop buying the bonds of struggling European countries. That would be bad news for Spain and Italy — to say nothing of Portugal and Ireland when they return to global bond markets in 2013.

Tales a Waggin' at Goldman Sachs

muppet

How much money did we make off the client?

This quote describes the new corporate culture exposed by ex-Goldman Sachs employee Greg Smith. In a scathing commentary, Smith says Goldman Sachs preys off of their clients and the company is all about making money...for Goldman Sachs and themselves, that is. Internally they call clients Muppets, institutions and people to milk money from.

It makes me ill how callously people talk about ripping their clients off. Over the last 12 months I have seen five different managing directors refer to their own clients as “muppets,” sometimes over internal e-mail. Even after the S.E.C., Fabulous Fab, Abacus, God’s work, Carl Levin, Vampire Squids? No humility? I mean, come on. Integrity? It is eroding. I don’t know of any illegal behavior, but will people push the envelope and pitch lucrative and complicated products to clients even if they are not the simplest investments or the ones most directly aligned with the client’s goals? Absolutely. Every day, in fact.

You Can't Make This Stuff Up Folks - 1% Super Rich Form a Non-Profit To Advocate For Themselves

fat catThe uber-rich have given us a Christmas gift. Yes, they have formed an organization, the Job Creators Alliance, to run public relations against us imbeciles who point out they are greedy bastards and to shape the national agenda. They even ask for donations on their website so they can pour money into lobbying, and media spin. All of this effort is to advocate for...the super-rich.

Thank you Bloomberg News who alerted us to the wonders of the CEOs, board members and super rich, bestowing their gifts upon us to explain why they should have all the money.

Bloomberg:

If successful businesspeople don’t go public to share their stories and talk about their troubles, “they deserve what they’re going to get,” said Marcus, 82, a founding member of Job Creators Alliance, a Dallas-based nonprofit that develops talking points and op-ed pieces aimed at “shaping the national agenda,” according to the group’s website. He said he isn’t worried that speaking out might make him a target of protesters.

Who gives a crap about some imbecile?” Marcus said. “Are you kidding me?”

IMF Rates Up Dictatorships Just Before Revolutions

By Michael Collins

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The International Monetary Fund (IMF) made an embarrassing error just two days before the start of the Libyan people's revolution on February 17. This quote from an IMF country study appeared in a previous article: "The outlook for Libya’s economy remains favorable." IMF Feb 15 This advice was 180 degrees off target. The Libyan economy has ceased functioning as protests and popular demands imploded the Gaddafi regime. (Image)

Further investigation unearthed a specific pattern of positive IMF endorsements for each of the nations experiencing popular uprisings that are sweeping the region. When the IMF blesses a nation's progress for conforming to the economic policies underlying globalism, watch out! There is a popular rebellion in the wings.

The Money Party - The Essence of our Political Troubles

Michael Collins
Originally published in "Scoop” Independent News
on September 30, 2007


The Money Party is a small group of enterprises and individuals who have most of the money in this country. They use that money to make more money. Controlling who gets elected to public office is the key to more money for them and less for us. As 2008 approaches, The Money Party is working hard to maintain its perfect record.

It is not about Republicans versus Democrats. Right now, the Republicans do a better job taking money than the Democrats. But The Money Party is an equal opportunity employer. They have no permanent friends or enemies, just permanent interests. Democrats are as welcome as Republicans to this party. It’s all good when you’re on the take and the take is legal.