Detroy the economy, deestroyed a $billion company, whats left then mega bonuses.

News Type: Opinion — Seeded on Mon Mar 17, 2008 1:07 PM EDT

Article Source: Talking Points Memo

business, sub-prime, 2-class-america, rich-bankrupcy, rich-entitlements, socialism-for-therich

The news that J.P. Morgan bought investment house giant Bear Stearns for just $236 million, or $2 a share, sent tremors through financial markets around the world today. This is company whose stock was worth almost one hundred times as much a year ago. Its building alone is valued at close to $1 billion, which suggests that all the other assets of this 85 year-old investment bank had a negative value – Bear Stearns liabilities exceed its assets.

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JoulesBeef

One person who does not have to worry is James Cayne, the recently departed chief executive of Bear Stearns. According to the New York Times, he walked with $232 million in compensation over the period from 1993 to 2006. This is just another example of how the global economy rewards extraordinary talent.

and yet we are suppose to think the ceo market is like every other market and like baseball these guys are worth 2000x the pay rate of their average employees. Except baseball players don't get the big bucks for striking out.

There is something a bit obscene about billions of taxpayer dollars going to the country's richest people, when average workers can't afford health care for their kids.

really shows whats important to the bush administration. remember it is the poor and their entitlements that are destroying the country.. and not multi billion dollar welfare to companies that squandered their assets. That's right folks the economy is the stock market. Dont own stock you don't matter. Perhaps we should only allow stock holders to vote.'sarcasm'

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1 vote

#1 - Mon Mar 17, 2008 1:12 PM EDT

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JOULESBEEF

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Detroy the economy, deestroyed a $billion company, whats left then mega bonuses.

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