In other news..
What Iceberg? Just Glide to the Next Boardroom A virus infects a healthy cell, hijacks it, makes copies of itself, kills host cell and moves on to other healthy cells.
You might think that board members overseeing businesses that cratered in the credit crisis would be disqualified from serving as directors at other public companies. You would, however, be wrong. Directors who were supposedly minding the store as disaster struck at companies like Countrywide Financial, Washington Mutual or Fannie Mae have not all been banished from other boardrooms. In many cases, directors just seem to skate away from company woes that occurred on their watch.
In Search of Work, but at What Cost? An article that talks about the perils and scams awaiting those who try operating their own business.
How Overhauling Derivatives Died But we have the best system money can buy.. Seriously, were you thinking that IBers would let rationality and causality derail their money-making scams?
Lobbying by Wall Street has blunted efforts to step up regulation on derivatives trading by carving out exceptions or leaving the status quo in place. Derivatives took blame for some of the worst debacles of the financial crisis. But a year after regulators and critics began calling for an overhaul in the way they are traded, some efforts have been shelved and others have been watered down.
How the status quo can kill: the example of free trade
I see more of a class divide than does Greenwald and others. Seems to me that people who have secured comfortable positions in “managerial class” and “creative class” occupations tend to support the President and an incrementalist approach to addressing the nation’s problems. They tend to be reflexively hostile to any sweeping changes, such as actually annihilating the health insurance companies, or actually doing away with the big financial houses like Goldman Sachs, Citigroup, and Morgan Chase. They seem to insist on solutions that rely as much as possible on market mechanisms, such as cap and trade to deal with climate change. They recoil in horror at the suggestion that “the system” itself is the problem. Generally, they appear to be economic neo-liberals, who have actually become acclimated to the results of the Reagan Revolution.
Another Team Obama Present to Corporate America: Health “Reform” Bill Favors Big Pharma Over Generics More change you can believe in!
Does Golden Pay for the CEOs Sink Stocks? If you reward people for playing zero sum games, they play them with more enthusiasm. The new priests (ivy leaguers) are piling in on their old benefactors. If you require a degree to say what is common sense, we are fucked!
The first study, led by corporate-governance expert Lucian Bebchuk of Harvard Law School, looked at more than 2,000 companies to see what share of the total compensation earned by the top five executives went to the CEO. The researchers call this number—which averages about 35%—the “CEO pay slice.” It turns out that the bigger the CEO’s slice of the pie, the lower the company’s future profitability and market valuation. “These CEOs,” says Prof. Bebchuk, “seem to be trying to grab more than they should.”
Put Down That Shovel! Andy Kessler cannot do math or understand the need for both “old” and “new” infrastructures. I have no hope that our corrupt system can build anything on time, on budget or withou legal wrangling due to special interest groups.
Socialized Risk, with Still Highly Leveraged Survivors Too Big To Fail! Many free market supporters still believe that CEOs, board members and other assorted MBA scum deserve their compensation.
Zack Carter on OCC Chief John Dugan in The Nation: “A Master of Disaster “
Writing in The Nation, the banking reporter for SNL Financial News describes the wreckage left behind by John Dugan, the Comptroller of the Currency and the primary regulator for most of the US banking industry. To say that Dugan is the lackey of the largest banks is really an understatement. The former lobbyist and Treasury official has been the defacto advocate for the largest dealer banks through the crisis, opposing regulatory reform initiatives on Capitol Hill and even from the FDIC, every step of the way.
“Top Ten Reasons to Kill the Senate Health Care Bill” More evidence that the PTB are still conducting business as usual, Must read!