Eugene Robinson reports that Missouri Senator McCaskill's response to the $18 billion in bonuses that Wall Street gave out at the end of last year was to introduce a bill that would limit the salary of all CEO's receiving federal funds to the same amount as the President makes, $400,000. "On the subject of Merrill Lynch, which traditionally pays its bonuses in January, McCaskill was white-hot livid: "You know what these sneaky guys did? They decided to give their bonuses in December, before the Bank of America took over. [They] paid out $3 [billion] to $4 billion in bonuses in December, and that quarter Merrill Lynch lost $21 billion. What planet are these people on? What could they be thinking about?"
Tom Wolfe's Masters of the Universe are so used to making up their own rules that they have become addicted to spending lavishly. They may not be able to stop. We might have to replace them, but, god help us, not with a government bureaucrat. As always, I will volunteer...
In an Op-ed piece David Brooks has a rather snarky and snotty analysis on why CEOs are not getting it: "The essence of the problem is this: Rich people used to set their own norms. For example, if one rich person wanted to use the company helicopter to aerate the ponds on his properties, and the other rich people on his board of directors thought this a sensible thing to do, then he could go ahead and do it without any serious repercussions.
But now, after the TARP, the auto bailout, the stimulus package, the Fed rescue packages and various other federal interventions, rich people no longer get to set their own rules. Now lifestyle standards for the privileged class are set by people who live in Ward Three.
For those who don’t know, Ward Three is a section of Northwest Washington, D.C., where many Democratic staffers, regulators, journalists, lawyers, Obama aides and senior civil servants live. Thanks to recent and coming bailouts and interventions, the people in Ward Three run the banks and many major industries. Through this power, they get to insert themselves into the intricacies of upscale life, influencing when private jets can be flown, when friends can lend each other their limousines and at what golf resorts corporate learning retreats can be held."
In an Op-ed piece David Brooks has a rather snarky and snotty analysis on why CEOs are not getting it: "The essence of the problem is this: Rich people used to set their own norms. For example, if one rich person wanted to use the company helicopter to aerate the ponds on his properties, and the other rich people on his board of directors thought this a sensible thing to do, then he could go ahead and do it without any serious repercussions.
But now, after the TARP, the auto bailout, the stimulus package, the Fed rescue packages and various other federal interventions, rich people no longer get to set their own rules. Now lifestyle standards for the privileged class are set by people who live in Ward Three.
For those who don’t know, Ward Three is a section of Northwest Washington, D.C., where many Democratic staffers, regulators, journalists, lawyers, Obama aides and senior civil servants live. Thanks to recent and coming bailouts and interventions, the people in Ward Three run the banks and many major industries. Through this power, they get to insert themselves into the intricacies of upscale life, influencing when private jets can be flown, when friends can lend each other their limousines and at what golf resorts corporate learning retreats can be held."
The sad truth is that the $150,000 spent on a trash can could be two people's salaries for a year, and how many mortgages does that corporate jet or corporate retreat represent? These people are not any smarter than you or I, their actions show them to be a lot dumber. If I was a terrorist, I'd direct the next suicide bomber to invade the next John Thain or Bernie Madoff corporate picnic instead of some bus filled with poor families and children... Not that the injustice of it makes me mad or grumpy or anything...
Today's late night jokes are from Friday:
"The Illinois State Legislature on Thursday voted unanimously to remove Governor Rod Blagojevich from office and barred him from ever holding public office in the state again. When informed of his impeachment, Blagojevich was so stunned his hair stood on end, killing six people in the office above." --Seth Meyers
"In an interview with Al-Arabiya, an Arab-language news channel, President Obama said that he wanted to persuade Muslims that the Americans were not your enemy. In an early sign of improvement, the crowd of protestors outside began chanting, 'Injury to America.' So that's better." --Seth Meyers
"Yesterday, the Republican National Committee selected Michael Steele, an African American, as their new party chairman. You guys know it doesn't work with just any black guy, right?" --Seth Meyers
"Happy TGIF. You know what TGIF stands for? The Governor Is Fired." --Jay Leno
"Rod Blagojevich...now out of a job, he's disgraced, he's unpopular. In fact today, he got a note from President Bush saying, 'Hey, welcome to the club.'" --Jay Leno
"He said today he loves the people of Illinois more today than he ever has before. And the people of Illinois said, 'You know, we're just not that into you.'" --Jay Leno
"Just a couple of hours ago, the Republican Party elected Michael Steele as the first African-American chairman of the GOP. That shows you, the Republican Party isn't just for stuffy, old white guys anymore. There's plenty of room for stuffy, old black guys, too." --Jay Leno
"According to the New York Times, President Obama having a more relaxed White House dress code than the Bush administration. Though not nearly as relaxed as the Clinton administration." --Jay Leno
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