According to a Reuters report this morning, the CEOs of the major U.S. investment firms will testify in Washington today about the global financial crisis. The story states that the CEOs and their companies are “swimming in bonuses but sinking fast in public esteem…” and that “…public fury is growing over the crisis.”
I’ve worked for these guys and their ilk for the better part of my career—not as an “earner” but as someone who works in the trenches—and I can assure you that they couldn’t care less what public sentiment is. New York City is awash with people like this. They only speak one language and that’s the language of currency. They have what’s referred to in the industry as “F.U.” money. That means they have amassed such a copious amount of cash that they can’t be touched by the law or anyone else. It’s what they aspire to. Public fury? It’s irrelevant.
Sobering, but true.
Money, it’s a gas
Grab that cash with both hands
And make a stash
Money, it’s a crime
Share it fairly
But don’t take a slice of my pie
Money don’t get everything it’s true.
What it don’t get I can’t use.
Now gimme money (that’s what I want)
Berry Gordy and Janie Bradford
I love when you are just a tad cynical.
You’ve got a good point. Not sure why Washington is apt to lend much credence to their well scripted testimony, unless (hmmm) these individuals and their corporations make political contributions… could it be?
Cat: I try to rein the cynicism in but sometimes I just can’t help myself. I don’t want to be a bitter blogger.Point: I think you and I should start a support group for cynics.
frustrating to hear them defend bonuses with “if you want to keep the people, you have to pay them”. as if there is value added by many of these folks… cynics unite! and take up arms… well, as if that would do any good…
I know some of these folks up close and personal. It ain’t pretty, that I can tell you. And they are completely unapologetic. Completely.
So, do they have enough money to save them from the miserable hordes this summer when everything is predicted to tip over to total shit for the American economy?But I went to university with people who aspired to this and probably made it, and they were wastes of skin then – so I believe you.
Daisy: Cynics Unite! I love it. Can I have it? I’ll get it trademarked.Leah: If you live out here you are bound to cross paths with some of them. And you’re right. They have an exaggerated sense of entitlement.Annie: I hate to say this but having enough $$$, will protect and insulate you from all calamities.
Not sure if I am more annoyed or disillusioned by Obama. He is the president isn’t he? then why doesn’t he impose the same restrictions on bankers bonuses as they do in Europe?
Your ‘cynicsm’ is my realism….the system’s done gone broke itself and Obama was always –and continues to be– the great false hope serving as (yet another) distraction from the fact that Washington is run by Wall Street. Cynicsm is a point of view that can be proved to be distorted or extreme. Go ahead, make my day.
yep, i agree…this is not cynicism. it’s telling it like it really is. capitalism at it’s worst best.
EmmaK: Welcome! I agree with you. Since when did the White House become toothless? It kind of makes you wonder who’s running the country.JZ: I use to think investment banking was a safe, somewhat dignified, industry. Now? Not so much. Gnu: I don’t want to say Marx was right, but this capitalism thing seems to be a raw deal for most of us.
Everytime some says that our budget has been cut due to the recession I can’t help but think, “Fucking Americans.” Yes, I know that it’s not the ordinary citizens that have caused this. I just can’t help being pissed at the fact that we have to suffer cause of your investment bankers.
Sid, I’ve been saying “fucking Americans” since Bush was voted into office that second time.
The British bankers are just as much to blame, Sid.