Economic Humor For A Friday

Closing Thought–14Feb20–#2

Happy Valentine’s Day to all the lovers here on IST…..I hope your day will be good and filled with love…..

I always like it when some self-absorbed d/bag feels he/she needs to add his/her voice to any conversation…..this time it is the candidacy of Bernie Sanders……

The face of a crook that got away with massive theft….

Premium: Lloyd Blankfein, Goldman Sachs 170920

This time it is the former CEO of Goldman-Sachs has added his voice to the attacks on Bernie…..

Following his win in the New Hampshire primary last night, Sanders has emerged as the front-runner for the Democratic nomination to face President Donald Trump in November’s election.

In a rare outburst on Twitter, Blankfein suggested that Sanders becoming the nominee would mean “the Russians will have to reconsider who to work for to best screw up the U.S.”

“Sanders is just as polarizing as Trump AND he’ll ruin our economy and doesn’t care about our military. If I’m Russian, I go with Sanders this time around,” the former Wall Street titan tweeted.

https://www.cnbc.com/2020/02/12/former-goldman-ceo-blankfein-if-im-russian-i-go-with-sanders.html

How good is this the same d/bag from Goldman-Sachs that helped blow up the economy in 2008?

This d/bag is not worried about Bernie’s economy he is worried that if Bernie wins election he will have to pay taxes on the cash he stole from the people.

How pathetic….some wealthy crook telling the American people to watch out for someone who will blow up the economy….

Seriously?

This would be humorous if it weren’t so goddamn pathetic.

Just another d/bag trying to look like he cares about anything but the accumulation of wealth and fucking anyone in their way.  Capitalism at its worse.

I Read, I Write, You Know

“lego ergo scribo”

Some Do The Right Thing

I am sure that many Americans remember that horrific ferry disaster in South Korea that cost many many children their lives….of course the Korean government has arrested many that worked for the ill fated ferry and its parent company……

I wrote awhile back that the CEO of the ferry company took responsibility for the disaster and immediately went out and wrote and note and killed himself…….after reading that news I wrote that unlike the US people in other countries, especially Asian, that take their responsibility seriously to the point that they would kill themselves because of the embarrassment they have caused the country and their families.

I wrote that it was a shame that American business people cannot do something similar…..like take responsibility for their actions that cause a disaster, ie the 2008 crash……

I bring all this up again…because it has happened again…….

A South Korean man involved in planning an outdoor pop concert where 16 people were killed after falling through a ventilation grate was found dead today in an apparent suicide. The man, 37, an employee of the Gyeonggi Institute of Science and Technology Promotion, was found dead at around 7am in Seongnam, the city south of Seoul where yesterday’s accident occurred, said city spokesman Kim Nam-jun. The site of his death was not far from where 16 people watching a performance by 4Minute, a girls’ band that is popular across Asia, were killed when the ventilation grate they were standing on collapsed. Eleven other people were seriously injured.

It was believed that the man, who was questioned by police last night over the accident, leaped from the top of a 10-story building. In a televised briefing today, Kim said the death toll could rise. Of the 11 people treated at hospitals, eight had life-threatening injuries to the abdomens or lungs, he said. Most of those who were killed were men in their 30s and 40s, while five were women in their 20s and 30s, fire officials said. The collapse came as South Korea is still struggling with the aftermath of a ferry disaster in April that left more than 300 people dead or missing.

I say again…..American business people should be so serious about their actions……..but NOPE!  These parasites like Jaime Dimon will continue their fleecing of the American consumer and any harm they do they will get the Federal government to pass a law that will protect them and possibly allow them to do the same thing all over again without any consequences…..

Personally, I like the idea of these bastards taking dull responsibility for their actions and even suicide if that is what it takes to eliminate these butt monkeys….the American consumer means NOTHING to these capitalist slugs……NO one protects the people from the exploitation.

If them committing suicide drives the point home…..then I say…Let the Bastards Die!

American CEOs Should Learn A Lesson

I am not much one for keeping an eye on Asia….my international interests are more of the Middle East and North Africa……but a recent article I read made me stop and think…..

We take a step back…….our most recent economic crisis was caused by corporations and banks…..and as usual the CEOs went before Congress and blamed everyone and everything but themselves for the crash…..just once I would like to hear one of these thieves admit to bad decisions and take responsibility for their actions……of course that is a pipe dream of mine that will NEVER happen for the government is owned by these toads and they will be allowed to get away with wholesale thief….corporate money well spent, right?

But I read an article the other day and made me think…….

(Newser) – A decaying body found in a plum field is that of the fugitive billionaire who owned a ferry that sank in April, South Korean cops have confirmed. Yoo Byung-un, patriarch of the family that owned the ferry operator, went on the run soon after the Sewol sank and had been the subject of the country’s biggest-ever manhunt, reports the Guardian. Police say DNA and fingerprints have confirmed the identity of the body that was found last month, soon after police raided a compound belonging to a Christian splinter group, of which Yoo was a leading member.

The 73-year-old was wanted for questioning on charges including embezzlement and criminal negligence, and many of his family members have already been arrested, including his wife, the BBC reports. His eldest son is still on the run. The number of dead from the Sewol disaster stands at 294—most of them high school students—and 10 people are still listed as missing. After the sinking, investigators found that the ferry was routinely and severely overloaded. Company officials are now on trial—a separate trial than that of the ferry captain and crew members, who were charged with murder.

Not a bad idea…..if you f*ck up take responsibility and commit suicide……at least the Asian, for the most part, take responsibility for the disasters they cause…..maybe the CEOs should take a page out of this play book and do the honorable thing and fall on their sword.

Thoughts?

Goldman-Sachs Spits On The Taxpayer!

We all have an opinion on whether the bank bailout was a good thing…the problem for Wall Street is that more Americans feel betrayed by their government for handing over massive amounts of cash to these thieves while they have to struggle just to keep food and clothing and shelter….and yet there is still NO demand from the people for the heads of these gtamblers that have pissed away America’s economic future…….

The WSJ is reporting that the CEO of Goldman is talking and apologizing:

Blankfein made a startling confession Tuesday. He apologized for Goldman’s role in the financial crisis, saying that the bank “participated in things that were clearly wrong and have reason to regret.”

This is the same egotistical bastard that last month said:

he made an embarrassing comment in an interview with the Financial Times, saying that he was just “doing God’s work.”

YOU should be mad as hell at the audacity of this a/hole….why?

He got paid $400+ million last year…the year that he was a driving force in the demise of an American economy……he is the a/hole that is setting aside billions to give bonuses to the employees……this is the a/hole that got a massive transfusion of taxpayer money and in return he is spitting in the face of every taxpayer in America.

But Professor he apologized…..did he?……what did he apologize for?  Did he apologize for wrecking the economy?  Is he apologizing for stealing from the taxpayer to pay himself?  Just what is he apologizing for?

If this is a PR ploy then it is piss poor….Americans need to stand up and DEMAND that these thieves be held accountable for the destruction of the American economy….We do NOT need to accept their apologies….why?…..these bastards are insincere…if they were truly remorseful then they would be handling all this situation differently….the people need to send the message…….a FAKE apology is NOT accepted!

Remember CEO Pay Outrage?

A few months ago the country was outraged at the amount of compensation that the CEOs of the bailout companies were still getting even after accepting bailout cash.  There was a ground swell of populist anger toward the corporations and the Obama Admin for allowing the people that caused the economic crisis to be generously compensated.

If people recall, there was much anger and chatter about forcing these CEOs into returning their bonuses and such.  And Congress got involved in the outrage and Senators like Dodd added their two cents and said that there woulkd be changes for any company receiving taxpayer money.

Treasury Secretary Geither has said according to the AP:

Financial sector executives should not fear government imposed caps on their salaries even as the Obama administration moves to influence how firms pay their employees. Treasury Secretary Timothy Geithner said Monday that government should place “broad constraints” on the incentives that huge pay packages create for executives to take short-term risks. But he drew the line at government determining levels of pay.”I don’t think our government should set caps on compensation.”

Geithner said government standards could require that incentive pay be tied to long-term performance. He said such standards could combine with compensation disclosure requirements and giving shareholders the ability to vote on salary packages — a practice known as “say on pay.”

Basically, what is being said by Geithner is that the execs can keep their generous and mostly unwarranted bonuses.  The people’s anger was for naught and NO ONE in Washington and the Admin is listening to their concerns.

Once again Wall Street gets the mine….Main Street  gets the shaft.

Did Corporate Perks Go Away?

Remember back about a month ago when bashing corporate CEOs was all the rage?  But that is silent now, the populist backlash has been silenced by a flu bug and a political deserter.

You do realize that the problem has not gone away?

U.S. companies remain generous with the perks they give to CEOs, including some that are unfathomable to the average American worker: chauffeured cars, bodyguards, club memberships and free travel in company jets.

The median value of these and similar perks rose nearly 7 percent in 2008, according to an Associated Press analysis of regulatory filings from 309 companies in the Standard & Poor’s 500. The increase came even as overall CEO compensation fell 7 percent to $7.6 million.

Perks rose despite a public backlash against such benefits, which many investors and lawmakers deem excessive. They argue well-paid executives should cover the costs of life insurance, charitable donations and financial planning themselves, especially as companies struggle with falling profits, slumping stock prices and massive job cuts.

But plenty of companies are keeping the spigots open. Occidental Petroleum CEO Ray Irani, for example, received $400,000 worth of financial planning, part of a $30 million pay package in 2008. To put it another way, that $400,000 in financial planning is more than the total annual household income of the vast majority of Americans. Occidental spokesman Richard Kline said the comprehensive financial planning helps Irani to “keep his complete attention on the company’s business.”

The median value of perks — which is the midpoint at which half of the executives received more and half less — was $170,501 in 2008, up from $159,586 the year before. Only three CEOs in the AP survey received no perks in 2008.

And perks made up a bigger percentage of total compensation, rising to 2.25 percent in 2008, up slightly from 1.95 percent, the AP’s analysis found.

So you see the perks are still being paid to the CEOs, just now it is done more quiet than before and they try to get it in under the populist radar.  THe workers are losing their jobs at an alarming rate and the corporate leaders are getting their perks at an even more alarming rate.

Taxpayers need to pay attention, their money is being misused and they are getting nothing out of their generosity.  Let the CEOs eat cake and the real people that should be benefiting from the government’s philanthropy.

Money Is Money

Regardless what you want to call it.  The point is these guys will ALWAYS get their pound of flesh.

The soon-to-be-merged financial giants — Morgan Stanley and Citigroup’s Smith Barney — announced the payments during an internal conference call last week, but warned advisers against describing them in terms that would cause PR headaches

“There will be a retention award. Please do not call it a bonus,” said James Gorman, co-president of Morgan Stanley. “It is not a bonus. It is an award. And it recognizes the importance of keeping our team in place as we go through this integration.”

“They are putting lipstick on a pig,” said Peter Morici, a professor at the University of Maryland School of Business and former Chief Economist at the U.S. International Trade Commission. “Very often, retention bonuses are paid to undeserving executives who helped drive their enterprises into the ground. This is like people who hold up banks getting paid to stop holding up banks. It isn’t good policy. It’s not always the case, but on Wall Street, people were vastly overpaid for the value that they created.”

Just another attempt to conceal the fact that they are still getting all their blood money from the companies.  They will make sure that they get theirs and the taxpayer gets theirs (screwed that is).

They Just Do Not Get It!

The nation’s top bankers came to account for themselves Wednesday to a wary public, displaying a blend of financial might and humility as they pledged to build public trust with greater lending and fewer perks.

Eight chief executives sat at a witness table for more than six hours Wednesday assuring lawmakers that an infusion last fall of $165 billion in taxpayer money to their banks was good for consumers. The money was part of a $700 billion financial rescue approved by Congress in October.

And while some lawmakers said they hoped that by their testimony the bankers could gain some credibility, some of their inquisitors weren’t convinced.

“America doesn’t trust you anymore,” declared Rep. Michael Capuano, D-Mass.

Added committee Chairman Barney Frank, D-Mass: “There has to be a sense of the American people that you understand their anger.”

In that lies the key to it all.  The bankers know the public is angry but they do not understand why.  They do not understand that the people’s money has been handed to these guys and they have done little to help the common man out.

They just do not get it!  The people see them as “robber barons”.  They have shown no remorse for the situation they have put the country in.  They show NO gratitude for the taxpayers help.  The worst part of it is that they cannot answer the question, how did the best financial minds in the country not see this economic crisis coming?

I can answer it for them….GREED!  They were making millions upon millions and did not think that they would be held responsible for anything because they all were doing it.  Arrogance has clouded their greedy judgement…they just do not get it……….buit in the meantime they make sure that they keep giving it to the public while retaining as much of the ill gotten gains as they can……renaming their bonuses is the first plan of action.

CEO Exit Pay

Democrats on Tuesday criticized the multimillion-dollar pay packages awarded to the former chief executives of Fannie Mae and Freddie Mac at a time when taxpayers could foot a massive bill for the companies’ bailout.

In a joint letter to Fannie and Freddie’s regulator, Senators Charles Schumer of New York and Jack Reed of Rhode Island said the combined pay and bonus packages of about $24 million should be revised.

“We find it way out of line,” they said in the letter, saying the severance pay for former Fannie Mae CEO Daniel Mudd and former Freddie Mac CEO Richard Syron should be questioned especially if any financial losses could have been caused by errors in management.

The U.S. government takeover came as worries heightened over shrinking capital at the congressionally chartered companies, which had combined losses of nearly $14 billion in the last four quarters.

U.S. Treasury Secretary Henry Paulson has said the final price tag for taxpayers cannot be estimated until the extent of the declines in the mortgage market is fully known.

It Is All Labor’s Fault!

How about a small reality check?

GM is sucking hind tit, Chrysler is whining and selling off assets, Ford has hit bottom and now I hear from various circles that it is labor’s fault that the auto industry is crashing. The Unions and the workers negotiated and got higher pay, better benefits, etc. Afterwards, the companies whined that they could not afford the increases. Now that the slowdown has hit the industry it is costing jobs and such. Now all the gains that labor has made in the past has come back to bite them in the butt and makes them the obvious scapegoat for the industry’s problems.

First of all, let me lead with this statement—What a crock of crap! The auto industry is crapping out because of the decisions made by management, not the workers. These CEOs, COOs, CFOs, all knew what was happening in the economy and what trends were on the horizon. The workers did not design the cars or make the decision on what models were to be produced. The workers did not decide what bad investments to make.

Management teams were chosen on the promises of an increase of dividends to investors. In return these teams made millions even if they put the company in a bad light. If these teams were caught flat footed by the situation, then I say that they are not worth the millions they are receiving as compensation. Workers did not make these horrible decisions. The workers did not set out to destroy the auto industry.

Please stop blaming labor for the auto industry putting itself into the crapper. To blame labor and unions for any of the economic woes of the auto industry in this country is just plain—let me spell it out for you—S-T-U-P-I-D!