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06:51 AM on 03/28/2008
How could this be? The thieves that caused a company to go bellyup are still raping the very people they stole from even after they caused the financial disasters. Whatever happened to the MORAL HAZARD DOCTRINE that says the poor must pay a copay for medical services amd medications. The poor who go bankrupt must still pay something for going bankrupt. Yet, those that cause companies to become financial disasters receive retirement bonuses, retirement pay, resignation payment in the millions and hundreds of millions and are still allowed to reap further benefits even after their failure has been exposed. Pray tell, where is the MORAL HAZARD DOCTRINE for those culprits. They should be placed behind bars.
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05:20 AM on 03/28/2008
One more example of a compliant administration and Congress. Why isn't this guy broke, having run a major financial insitutition into the ground with irrepsonsible business practices? Why isn't he being prosecuted? Hang on, Bush-McCain-Clinton, it's more of the same with no reform in sight.
02:42 AM on 03/28/2008
Umm, just wondering how all the financial experts here KNOW that Bear Stearns was truly wrecked? I mean, more so than, say, Lehman Bros? Or don't you have TinFoilHats?

I put mine on every time I see the Morgan brand, and I know I will never be disappointed that they are screwing untold numbers of people. Or did it never occur to you that JPMC and the Fed in collusion were running a scam on you?!

Consider, 38% of shares owned by employes, and 9.x% by Joe Lewis ... and the first $2/share offer tanks against a building woth a billion. And BS shares still trading after that weekend 'offer'. Now, a 're-evaluation', yeah. But rest assured, no tax dollars were injured in the making of this travesty.
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WIpatriot
I've seen enough to make me Progressive
10:30 AM on 03/28/2008
They just KNOW, that's all, Novista. Trust them...B-S didn't even ASK for help, it just came.
02:34 AM on 03/28/2008
Not right! He needs to give at least a third of it to his former employees who had 1/3 ownership of the company and have now lost everything. And if he doesn't -- HE NEEDS TO GO TO PRISON.
06:54 AM on 03/28/2008
All hus assets need to be legally confiscated and shared with the very people he raped. And yes he needs to go to jail.
HUFFPOST SUPER USER
kvass
02:21 AM on 03/28/2008
Take heart -- the old bugger can't take it with him.
07:35 AM on 03/28/2008
We know - so we plan to take it OUT of his Will First.
Same goes for all those Descendant of the Other Criminals who high jacked the 20th Century- Morgan Rockefellars..... Cough Up what YOU Owe US! Or be tried as co Conspirators!
01:12 AM on 03/28/2008
Poor Boo Boo. I bet this is half of what it was worth last week.

I weep for him.
01:03 AM on 03/28/2008
So, this guy walks away with all this money after running the company into the ground, and then the public taxpayers foot the bill to bail them out? How much jail time? WTF?! This country is lost.
02:17 AM on 03/28/2008
i KNOW!
WTF!!!!!!!!!!!!!!
09:01 AM on 03/28/2008
It's just not fair...but this is what our country has come to...
12:54 AM on 03/28/2008
A government that finances private companies?
I hate to break this to all you policoes on the far right but, that's COMMUNISM kiddies.
12:52 AM on 03/28/2008
New Rule:
If your company goes under, you go broke!
No more will CEOs rape and pillage then walk away scott free.

Let me see if I can get this right:
"And, if you don't like it exectutives, you can alwasy move to another country!"

How'd I do BUSHIES?
That argumemt is usually your stock and trade but I thought I'd give it a whirl.
12:46 AM on 03/28/2008
I'm glad Mr. Cayne is gonna' be fine.
I was so worried about him!
Never mind the 'little people' who invested in his fraudulent company and lost their entire life savings....I'm just glad this multi-millionaire crook made out okay.

"It is easier for a camel to fit through the eye of a needle than it is for a rich man to enter the kingdom of Heaven."
Jesus of Nazareth

Have fun in Hell Mr. Cayne!
12:16 AM on 03/28/2008
Operative phrase: "his holdings"
11:14 PM on 03/27/2008
Maybe it is time for an Executive Pay Excess tax. All proceeds go towards social security.
12:39 AM on 03/28/2008
His company is BAILED OUT with middle-income Americans' money and he walks away with over
$61 MILLION? WHY? There ought to be a law--and as soon as possible--to DOCK HIS PAY!
99% of his pay should go to SOCIAL SECURITY that Republicans have been ROBBING for years and then pretending s.s. doesn't "work". Jerks.
10:23 PM on 03/27/2008
Well, it is a positive thing that not EVERYONE was wiped out in this thing, isn't it?. After all, it's distressing to the next generation of heartless, greedy little shlubs who are on the way up to see one of their own reduced to....well, not middle-class standards since they've nearly wiped out that species.....but let's just refer to them as former members of the new Robber Baron Class.
researcher
researcher
10:09 PM on 03/27/2008
god i love capitalism. reagan you are a genius. sold the middle class on the trickle down theory and deregulation. now we can finally get rid of that pesky middle class all they do is whine.

i live in a gated community and love the idea that one % of americans will have 95% of the wealth. god bless america land of opportunity.

i hire people and pay them next to nothing dont even have to provide health insurance and if they get sick just fire them. god bless america truly a christian nation.

all of my yard people are from south of the border and they work for slave wages. god bless america truly a christian nation. thanks reagan you are my hero. the midddle class has been declining like snow on a hot az summer day.

signed
evangel neo con repub lover of reagan economics. best thing that every happened to america.

finally a nation of have mores and have nots and guess what i am a have more. love it. got to go church tonight. my wife and I sit in the front row both of us are lovers of jesus.

now ohio please put mc cain into office you folks have been so good about helping to eliminate this pesky liberal middle class. love you folks in ohio and flordia. god bless you.
09:54 PM on 03/27/2008
Finance industry execs often cite professional sports teams when responding to questions about excessive compensation. They equate themselves with athletes and chant a “pay for performance” mantra. They're free agents ready to jump to an opponent if they don't receive ever increasing pay packages.

When caught using steroids, athletes are stripped of their medals/trophies and banned from future competition. Their athletic achievements are stricken from record books. Currently, baseball’s best pitcher and best hitter face potential prison sentences stemming from their steroid use.

Bonuses and stock option grants are Wall Street’s trophies. Why are these faux-genius bankers allowed to slink away with obscene amounts of money they were paid for hyping performance via recklessly leveraged financial machinations?

A few weeks ago, while Bear Stearns collapsed, James Cayne paid $28 million for two adjoining condos overlooking Central Park. (http://nymag.com/daily/intel/2008/03/jimmy_cayne_closes_on_sweet_pl.html) Some media outlets sympathetically report his $1 billion fortune was reduced to a mere $60 million. The guy burns down his own house and keeps money paid to him when he poured gasoline all over it. Cayne should be selling pretzels on the sidewalk across the street from the Plaza, not living in it.

A year after rattling financial markets by blowing up his Long Term Capital Management hedge fund, John Meriwether formed another one and was welcomed back at the casino like nothing happened. Will Cayne to follow in his footsteps?

Where’s the sheriff?
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WIpatriot
I've seen enough to make me Progressive
10:34 AM on 03/28/2008
Sheriff got busted for having sex.