Shame and Guilt on Wall Street

John Hoover  Sep 19, 2008 11:30 am

Shame and Guilt on Wall Street
 
Never have so few profited from the misfortune of so many.
 

 
But where the heck do we draw the line? When my ex-wife was working double shifts as a desk clerk at the Disneyland Hotel nearly 2 decades ago because the cash-crunched Disney Company (DIS) was in a hiring freeze, the Los Angeles Times reported that Michael Eisner cashed in $195 million in Disney stock options. Thanks for shamelessly helping take pressure off of the little people, Mike.

In Japan and certain other cultures, shame means something. It guides human conduct. There are places in this world where the shamefully greedy acts of obscenely wealthy people would cause them to resign -- even take their own lives -- as atonement for the shame they brought upon their families, their ancestors, and their faith.

If such reckless disregard for the well-being of hard-working people who follow the rules isn’t enough to make you sick to your stomach, get a load of Washington, DC’s “ethics” this week. It makes me want to hurl.

House Speaker Nancy Pelosi said Tuesday, “I see no reason why Mr. Rangel should step down.” I couldn’t agree more: The Chairman of the House Ways and Means Committee shouldn’t lose his chairmanship for years of cheating on his income taxes. He should go to jail.

What, if anything, can keep us in even a remotely ethical shipping channel? Greed is so extraordinarily powerful. And we’re all subject to its siren’s song. I’m afraid I have more questions than answers.

I wonder though if Eliot Spitzer, Charlie Rangel, Nancy Pelosi, James Cayne, Hank Greenberg, Dick Fuld, or Dick Nixon ever lost one minute of sleep over what they were doing.

How did Jeffrey Skilling feel after he verbally attacked Wall Street analyst Richard Grubman for questioning Enron's unusual accounting practices during a recorded conference call? After Grubman complained that Enron was the only company that couldn’t release a balance sheet along with its earnings statements -- to which Skilling replied "Well, thank you very much, we appreciate that . . . asshole" -- did Jeff snarf down a big, expensive dinner and sleep like a baby?

Red, right, returning. We need to find some navigational beacons somewhere - some channel markers we can all try to follow. Maybe shame on the left and guilt on the right is a place to start.
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Comments (6) See All Comments »
09-19-2008, 10:18 pm
Psychologically, paying one's taxes allows one to assuage guilt by passing responsibility on to 'the government' who will tend to the social responsibilities of the wealthy.

Responsibility by Remote Control. Buy yoursel
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09-21-2008, 5:59 am
Let common sense catch up

Before we go bailing out the banks for 800 billion lets have some transparency. Some banks should fail if they are to far upside down on their loan portfolio. Some banks simply deserve to go under. Banks lik
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09-21-2008, 8:01 am
Let's do some Math!

The medium price of a home in the USA is about 200.000.00 dollars. With 800 billion dollars the fed can buy 4 million homes out right in total.

5x 200 thousand == 1 million
For each billion
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09-23-2008, 10:00 am
I think there's a simple explanation for why these guys (and most of them were guys) did the things they did: they didn't care. They are sociopaths, incapable of feeling empathy toward anyone. They see us all as a bunch of suckers just
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09-24-2008, 8:21 pm
Interesting definitions and characterizations, Lesley. I met my first NY investment broker this January in HK and that is EXACTLY how he was; even tried to use the 'ol sham, "I had my wallet stolen along with my credit cards. Someone dr
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