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Mrs M's Rants & Raves
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| IS THIS CRISIS ABOUT GREED? |
| Written by Countess du Ruel | |||
| Sunday, 19 October 2008 00:00 | |||
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My friend Gildas, who worked for Goldman Sachs, the ne plus ultra of investment banks, tells me that Lehman Brothers was rolling in the green stuff, moans Countess du Ruel. He says they handed out $16 billion in bonuses last year. No wonder they went down the tube.
One Lehman executive
received a $50m bonus last Christmas.
These are Casino Economics, based on traders gambling on their laptops
with our money, until the economy collapses, while paying themselves huge
bonuses. This unscrupulous behaviour
goes unpunished and un-regulated. I
never hear Wall Street or City traders admit or take responsibility for this,
because they are afraid of killing the goose that laid the golden egg. Regulation might be the end of this waterfall
of billions. I told Gildas that investors like me are sick of reading about huge bonuses and pay packages for executives, while we are watching the value of our investments slump. Even if these executives are sacked they have secured deals for themselves so they are paid £30m to leave! We all know what's wrong, and it's time for a real correction. Let's stop these cowboys from profiteering at our expenses. Enough is enough. Let's see the end of the Fat Cat culture.
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