Posted by
Jefferson Lives! on Saturday, September 27, 2008 1:35:29 PM
When members of the Senate Committee asked Secretary Paulson about restricting the pay of CEO's in exchange for a government bailout, he replied "they wouldn't like it".
When asked about the government getting equity in companies saved by the American tax payer, reporters tell us traders on the New York Stock Exchange "don't want it.."
Excuse me - but did these people not get the same memo as the rest of us about impending Armageddon? Do we need to show them the youtube videos of the Jakarta riots when the Indonesian economy imploded in 1998?
While I suspect he did not do so deliberately, Mr. Paulson has provided a tremendous service to the American public by revealing the inner mindset of government technocrats working to develop a rescue plan. We can only conclude part of the Paulson plan is designed to accommodate CEO's who feel entitled to use public corporations as vehicles of personal enrichment to the detriment of their shareholders, their employees, and their Country.
Listen up Mr. Secretary because the hour is late and there's only time to explain this once. Even 12 year olds know there is a big difference between "needs" and "wants". If the American taxpayer must step into the breach to save the banking system, we will do what "NEEDS" to be done but as far as Wall Street's "Wants" go - let's just say that ship has sailed.
In times of crisis, it's useful to turn to history to find how other great leaders faced adversity. For instance, when asked why several French admirals were executed after losing a sea battle to Lord Nelson, Napoleon cooly replied "As an example to the others.." Evidently Upper management at Wall Street needs a similar message. And like the Chinese, we should send a bill to their families to pay for the cost of the "bullet."
The last part seems only fair - because after all we know they can afford it.