Madoff Whistle Blower Testifies

[TheTodd]

Rad, the largest percentage of stock holders are dumb to what is actually happening with a company. They aren't the type of people who buy and sell many times over a year, its the folks that dump their money into a fund and trust that the fund manager knows what they are doing.

Yes a company has a board. And if boards and CEO's aren't the biggest freaking tools that do what is right for themselves and their buddies then I don't know who is. Are all of them like that, probably not, but I'd say a good amount of them are.

I can exude a tier 1 type mentality for $24b a year. I see too many people getting jobs as CEO's that haven't proven they can get the job done. They just keep getting rehashed like mediocre NFL coaches. I'd say that maybe one CEO you can point to that I like is the dude at Ford (who I know you already don't like because of his decision to not take Gov money). He has a proven track record. He would be worth it IMO.

[a1bion]

I'm sure there are plenty of wealthy investors who are out there and willing to invest in these distressed companies and their talent. But what do you think those private investors are going to say when said talent demands to keep paying themselves what they're currently making? I bet it involves laughing in that talent's face.

[radbag]

you're a fucking lawyer jimmy...why are YOU explaining THIS to a guy who's worked for a brokerage company and made a very good living and career off of it? who are you to tell him?

That probably helps him immensely in his job search. As, I'm sure, it does you too.

if i didn't know any better, i'd believe that to be a low blow....but it's not a low blow if you're aiming right eric? lol

[annarborgator]

Seriously, somebody put a cock in this guy's mouth:

Congress will consider legislation to extend some of the curbs on executive pay that now apply only to those banks receiving federal assistance, House Financial Services Committee Chairman Barney Frank said.

“There’s deeply rooted anger on the part of the average American,” the Massachusetts Democrat said at a Washington news conference today.

He said the compensation restrictions would apply to all financial institutions and might be extended to include all U.S. companies.

http://www.financialweek.com/apps/pbcs.dll/article?AID=/20090203/REG/902039977/1003/TOC
Really? REALLY??!!?

I mean I realize the likelihood is almost nil. But the fact that he can even imply such a thing (I realize he's not directly quoted on it) is preposterous.

[radbag]

^ why not? why would that surprise you? i mean, if they can affect capitalism and potentially impose themselves on the banking and finance sector, why stop there? why not look at microsoft? i mean, microsoft is making a shit load of money off the gov't by supplying computer related items...it's unconscionable making money off the gov't when the gov't is in such a deep, deep deficit right?

[G8rMom7]

We need to keep that money here in America . You can keep the money in America by spending it at yard sales, going to a baseball game, or spend it on prostitutes, beer (domestic ONLY), or tattoos, since those are the only businesses still in the US.

don't forget football helmets.

[annarborgator]

The dumb thing about capping pay is this:

...there is no effort to root out the real cancer: asymmetrical incentives, namely, bonuses based on single year performance, when the risk of actions taken often extends into the future.

http://www.nakedcapitalism.com/2009/02/obamas-executive-comp-proposals-closing.html

[radbag]

^ THAT and let's be honest, BHO announcing a cap is nothing more than a diversion for passing his 1 trillion dollar so called 'stimulus' package...let's face it...the cap is not going to solve shit and it's going to do more harm than good.

does anyone here really think that the market won't find ways to 'end around' the gov't if push really came to shove?

[TTBHG]

What makes you think I was aiming low? I like Josh.

[radbag]

i was referring to your comment about me.