Outrageous Wall Street Bonuses
February 23, 2010
Here we go again!
Once again we must read about the obscene bonuses Wall Street wheelers and dealers are getting. Seven million, ten million, sixteen million . . . are you a bright shade of green yet?
You couldn’t be blamed if you have turned green with envy or green because the obscenity of it all has made you nauseous.
Some of you must be genuinely confused. Why? Because on top of the lavish salaries and bulging expense accounts and all those other perks, why do these Philistines have to get those outlandish bonuses?
The answer is those bonuses are inducements for the scallywags to make more sales. For example, you might not know of the huge commissions a pedestrian employee gets when he sells an annuity. And if the poor schnook who buys an annuity through American International Group (AIG), that suede shoe operator gets even more if the poor dope holds it for at least a year.
By the way, the reputation of AIG is so tarnished they changed their name. The new name is AIU Holdings and the change was made to avoid a certain public relations disaster. But what they have done is somewhat similar to what the Association of Community Organizations for Reform Now (ACORN) has done. I am not suggesting AIG is just as vile as ACORN, but they do come close.
The point I am making in today’s column is that we should not be surprised that there is crime in America and there is skullduggery, whatever that is.
What it amounts to is if you are a stock broker or a banker or an annuity salesman or anything which requires scrupulous, ethical conduct then your customers are lucky if you practice honesty in its truest sense.
I like to think of myself as a fairly smart guy, but I know when I go to that car dealership to buy a new car, he is going to screw me. The talent car dealers have is they can be virtual thieves, but if they are charming enough and can fake sincerity well enough, the mark, or the customer, won’t mind too much being fleeced.
Jesus may have chased the money changers out of the temple, but they really didn’t mind because they knew they would come to America and find suckers like us!
But, you know something? I wouldn’t want to be anywhere else. And I will put up with all those cutthroats rather than put on a Socialist straight jacket!