It’s official: your suspicions of Wall Street greed have been confirmed. Despite last year’s huge losses, multibillion-dollar bailouts and closings of some of the biggest names in the industry, Wall Street still gave out an estimated $18.4 billion in bonuses. Indeed, last year’s bonuses were the sixth-largest on record.
On Thursday, President Obama, in a flash of anger, called these bonuses “shameful,” suggesting that he intended to take a hard line against excesses in executive compensation. http://roomfordebate.blogs.nytimes.com/2009/01/29/bonuses-for-bad-performance/
The thing that most concerns me about this is that we have become a culture that admires people like this, ruthless people who beat the system, win the game and take it all, with no thought of the carnage they leave in their wake. We only mind now because we are feeling the effects ourselves. They are taking our money.
What will it take to get us to value honor over greed? Doesn’t this make you sick?