Wednesday, September 24, 2008

Wall Street Villain: It Pays to be A Fraud

The Good Life: Golden Parachutes for Gold Thieves
"Steal a little and they throw you in jail. Steal a lot and they make you king."
Sweetheart Like You, Bob Dylan
Attention investors, how are your Merrill Lynch investments doing? How many of us have lost money we're saving for retirement, putting kids through college, or other opportunities who have been slaughtered by the current mess on Wall Street and the collapse of the Investment Banking Industry.

While there are no simple answers and we're concerned about the knee-jerk reaction to quickly assign blame, the situation concerning former Merrill-Lynch CEO is beyond disturbing. How can corporate executives on whose watch the company went down the tubes justify the kind of rich entitlement in the form of his severance package be justified?

Though it would not undo the harm done, a substantial amount of this money equitably distributed among the distressed investors would at least put dollars in the hands of those who were harmed by the company's failure not in the hands of the person who watched it happen.

$160 million in retirement and severance goes beyond what any typical wage earner including those horrible rich people Obama has singled out making more than $250,000 can possibly comprehend.

Stanley O'neal will live a lavishly for the rest of his life with fortunes to divy out how he darned well pleases while who can calculate how many peoples' retirements are ruined or kids will not be able to work toward the kind of future their parents worked so hard to try to provide for them?

While RMF hates the "greedy corporations" rhetoric as corporate America is the source of so much good in America, the people resposible for running it down must be held to account financially.

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