from Robert Reich, San Francisco Chronicle: [1]
Wall Street’s immorality crux of crisis
Some want the 2012 election to be about regulating America’s bedrooms. But it really ought to be about regulating the nation’s boardrooms.
Let me translate Riech speak into plain English. When Riech says some, he means imaginary voices in his head. Proof, while Reich babbles about opposing same-sex marriage or limitations on abortion, Reich cites no example where any republican, or anybody has proposed any limitation on what any activity in either Sandra Fluke’s bed room or Dan Savage’s tea room. I simply do care what Fluke or Savage do in their respective bed rooms, nor to care to have to forced to pay for it either. I don’t oppose t heir bed room activity. I do oppose their bed room activity as an excuse to raid my wallet.
More Reich:
We’re in trouble because CEOs are collecting exorbitant pay while slicing the pay of average workers, because the titans of Wall Street demand short-term results over long-term jobs, because America’s biggest banks continue to make irresponsible bets with other people’s money, and because of a boardroom culture that tolerates financial conflicts of interest, insider trading and the outright bribery of public officials through unlimited campaign “donations.”
[…]
Consider last week’s admission by Jamie Dimon, CEO of JPMorgan Chase, America’s biggest bank, that the bank had lost at least $2 billion in trades that were “poorly executed” and “poorly monitored,” the result of “many errors, sloppiness and bad judgment.”
But not to worry, said Dimon: “We will admit it, we will learn from it, we will fix it, and we will move on.”
Who we Paleface? James Dimon’s compensation is a problem if, and only if, you are a share holder in JP Morgan. I am not. So unless Reich is, Dimon’s compensation is simply not Reich’s problem. If it is, Reich should sell his shares of JP Morgan.
Dimon will get to the bottom of the London Whale well before either Eric Holder gets to the bottom or Fast and Furious, or Barack Obama even become vaguely aware of it.
More Reich:
What’s truly immoral is not what adults choose to do with other consenting adults. It’s what those with great power have chosen to do to the rest of us.
It is immoral that top executives like Dimon are richly rewarded no matter how badly they screw up while most Americans are screwed no matter how hard they work.
If you don’t like what JP Morgan pays her employees,l don’t work for Morgan. End of problem.
Aside to Mr. Reich: You know what is immoral? Greed You sir are a greedy little man.