bailout dead

@SYNRON,

I find tiresome and repetitive quite amusing actually.

I'll admit that Miller is patchy but his best is really rather educational by which I mean useful. "If **** had value the poor wouldn't have arseholes" opened my eyes to political reality I must say.

Have you read Veblen?

Never read second rate stuff. There's not enough time. The human race has told you who the first rate are. Everybody knows their names. I've never heard of Dr. Bloom. Open the door Homer.

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@spendius,

Just checkin' in on ya, Spendi.

(you must have had someone cancel on you, no?)

carry on...

1 Reply

@Rockhead,

Yeah-- my Ma when she strained to expel me. I was doing alright until then.

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@spendius,

My respects.

You know I appreciate the remainder...

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@spendius,

I agree, Spendius. Dr. Bloom says that: "Who reads must choose, since there is literally not enough time to read everything worth while even if one does nothing but read"

1 Reply

Quote:

Waxman said that in January, Fuld and his board were warned the company's "liquidity can disappear quite fast."

Despite that warning, he said, "Mr. Fuld depleted Lehman's capital reserves by over $10 billion through year-end bonuses, stock buybacks, and dividend payments."

Waxman quoted Fuld as saying in one document, "Don't worry" to the suggestion that executives go without bonuses.

That suggestion came from Lehman's money management subsidiary, Neuberger Berman. Waxman quoted George H. Walker, President Bush's cousin and a Lehman executive who oversaw some Neuberger Berman employees, as responding with a dismissive tone to the idea of going without bonuses.

"Sorry team," he wrote to the executive committee, according to Waxman. "I'm not sure what's in the water at 605 Third Avenue today.... I'm embarrassed and I apologize."

http://www.cbsnews.com/stories/2008/10/06/national/main4503354.shtml

Fuld and the actions of those at the top of Lehman - in protecting their own exorbitant and ridiculous salaries and bonuses - directly led to the doom of the company. But they made sure they got their money before the failing. Oh yes. In the early part of September, the failing company made millions of dollars of payments to execs, knowing that they were going to fail and be unable to provide compensation to the lower employees.

Bastards. And I'm not interested in hearing more excuses for why we should protect these people... scumbags, one and all. An executive who gave a damn about the company, fairness, or anyone below them, would have foregone millions in bonuses....

Cycloptichorn

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@spendius,

I have tried to read Veblen and find it heavy going, Spendius. I prefer Thomas Sowell as an Economics reference.

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@Cycloptichorn,

Cycloptichorn wrote:

Bastards.

{nods}

Time to call a spade a spade.

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@spendius,

I neglected to mention, Spendius,that I also read Galbraith--but only for laughs

1 Reply

@Cycloptichorn,

I watched Fuld testify today that neither he nor anyone else could have predicted the real estate bubble burst or the ramifications of same (ripples through the stock market and financial community at large.) This is a bald faced lie. Misjudging a risk is a mistake... pretending you don't or didn’t understand it... is the kind of damage control lying that I would like to think opens him up to prosecution of some kind. Everyone in the industry could have predicted the bubble's burst and most did. Hell, in 1999 I predicted the stock bubble would burst in 2000 (off by a little) and be followed by massive investment in Real Estate… which would of course be a bubble as well. Duh... these things are VERY predictable. To pretend he didn't know that the bubble was already in mid-burst is beyond ridiculous. The janitor who cleaned his office knew that.

1 Reply

@OCCOM BILL,

He was very careful in testimony today, not to answer either yes or no, that he had misled investors - he said 'that would be unfortunate.' Either answer would have opened him up to prosecution. My guess is that there will be plenty of evidence found of Fraud...

Cycloptichorn

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@SYNRON,

Bloom also wrote that bad writing is to be avoided at all costs. He cites Maya Angelou

Quote:

President Clinton's inaugural poem, by Maya Angeloum was praised in a New York Time Editorial as a work of Whitmaneque magnitude and its sincerity is indeed overwhelming. But Oscar Wilde, who was right about everything told us that all bad poetry is sincere.

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@SYNRON,

Yeah- Galbraith is good for a sardonic laugh. Not as good as Veblen who the former obviously admired. If you've read The Great Crash you know the score now. Which doesn't help as you can see from the activities of our betters. It's one think knowing what happened but quite another sorting it out.

You do have to practice a bit with Veblen. But " For the aesthetic purpose the lawn is a cow pasture; and in some cases today (1899) --where the expensiveness of the attendant circumstances bars out any imputation of thrift--the idyl (sic) of the dolicho-blonde is rehabilitated in the introduction of a cow into a lawn or private ground. In such cases the cow made use of is commonly of an expensive breed. The vulgar suggestion of thrift, which is nearly inseparable from the cow, is a standing objection to the decorative use of this animal" is not all that difficult.

And you are probably less idealistic than when you tried it before.

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@Cycloptichorn,

Quote:

Bastards. And I'm not interested in hearing more excuses for why we should protect these people... scumbags, one and all.

Wait a minute Cyclo. You have yet to explain how a sound Darwinian theologian can do other than approve of those guys. It looks like you want to shove Darwin up the kids for no reason of principle. Just so you can say you shoved it up them is the only other explanation.

I feel quite confident in asserting that you would have been bang at it yourself given the chance. After all it does connote with getting at the fittest girls doen't it? Don't such creatures flock to those locations?

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@spendius,

spendius wrote:

Quote:
Bastards. And I'm not interested in hearing more excuses for why we should protect these people... scumbags, one and all.

Wait a minute Cyclo. You have yet to explain how a sound Darwinian theologian can do other than approve of those guys. It looks like you want to shove Darwin up the kids for no reason of principle. Just so you can say you shoved it up them is the only other explanation.

I feel quite confident in asserting that you would have been bang at it yourself given the chance. After all it does connote with getting at the fittest girls doen't it? Don't such creatures flock to those locations?

Does it come as a surprise to you that I disagree with you? That I would not take millions of dollars - that I didn't need - while my employees were left with nothing?

I know it's tough to imagine others' point of view, but I'm not really concerned with making as much money as possible, especially at the expense of others...

Cycloptichorn

1 Reply

@spendius,

Spendius- Cyclo,as you know, does not want money. Oh, he wants some, but he is much more interested in POWER!

As Irving Kristol explained--the intelligentsia do not like commercial society and capitalism, not because they don't make millions, but because they are ignored and,the PHD's at Berekeley think they are the Platonic Philosopher Kings who SHOULD make the policies for the USA.

As far as tbe fittest girls go, Spendius, you know that POWER is as great an aphrodisiac as MONEY.

Cheers- Spendius

1 Reply

@Cycloptichorn,

Quote:

Does it come as a surprise to you that I disagree with you? That I would not take millions of dollars - that I didn't need - while my employees were left with nothing?

A Christian might be believed, in extreme circumstances, who uttered such idealistic gobshite but it's laughable in a professed Darwinian.

You would turn down an ocean going yacht staffed with bimbos? Are you nuts?

We didn't get this far with your attitude.

1 Reply

@SYNRON,

Quote:

As far as tbe fittest girls go, Spendius, you know that POWER is as great an aphrodisiac as MONEY.

I wouldn't be too sure about that. I think Mr Kissinger was talking his chances up with the librarians. Diamonds are a girl's best friend. The moolah. The shopping. The colour and the movement.

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@spendius,

You dont have to be a christian to know right from wrong. Its not fear of divine retribution that stops the vicar getting close to the choir boy.

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