Our current culture of regret is becoming overwhelming.
Everyone's sorry.
Yes, many men are sorry, but few are expected to pay consequences for their actions and rectify what they have done. There is no personal responsibility. (Some have greater or lesser consequences on the public and perhaps should be so judged.)
These include:
US Bankers on Capitol Hill
British Bankers at the G7
US Automotive Executives on Capitol Hill
John Thain
Tom Daschle
Tim Geithner
Ted Haggard
A-Rod
Michael Phelps
"We hear words, words, words," said Rep. Gary Ackerman, D-N.Y. to banking executives on Capitol hill.
What are words without demonstrated actions?
Yes, we will accept apologies, but in most cases simply saying sorry is just not good enough.
Showing posts with label Merrill Lynch. Show all posts
Showing posts with label Merrill Lynch. Show all posts
Saturday, February 14, 2009
Wednesday, February 11, 2009
Being John Bogle VI
Among the top stories for today on CNNMoney.com is an interview with the legendary founder of The Vanguard Mutual Fund Group, John Bogle. He answers questions regarding the Obama Administration and Tresaury Secretary Geithner's much undeserved "maligned" speech yesterday, exposing the game aspect of the market. Mr. Bogle brings much needed clarity to the financial crisis. His years of living have indeed taught him great wisdom. His is the voice we need to hear more of in this crisis.
Tuesday, January 27, 2009
Being John Thain II
Mr. Thain offered some lame excuse for why his office was redecorated last year to the tune of $1.22 million citing that the financial crisis was not as bad at the time. He also intimated that this is just what they do.
In his contrition Thain failed to mention the $2 billion to $3 billion dollars in employee bonuses while Merrill lynch was reporting loses last year. Yes, he said that he was "sorry" and would pay back the $1.22 million (mere chump change for this guy) for the redecoration costs. Is that enough?
Thain seems to be simply on a mission to rehabilitate his image. He wants another job. But has he learned anything? If board of directors look at this guy as viable, let them rehire him somewhere else. But anywhere he goes his bad behavior is likely to follow and any bailout money given to a company he leads should be made to be repaid immediately.
In his contrition Thain failed to mention the $2 billion to $3 billion dollars in employee bonuses while Merrill lynch was reporting loses last year. Yes, he said that he was "sorry" and would pay back the $1.22 million (mere chump change for this guy) for the redecoration costs. Is that enough?
Thain seems to be simply on a mission to rehabilitate his image. He wants another job. But has he learned anything? If board of directors look at this guy as viable, let them rehire him somewhere else. But anywhere he goes his bad behavior is likely to follow and any bailout money given to a company he leads should be made to be repaid immediately.
Friday, January 23, 2009
Being Slapped on the Wrist
John Thain has resigned from Bank of America after redecorating his office to the tune of $1.22 million dollars after his company received a government bailout totalling $45 billion dollars. What I didn't report here in my earlier post is that Thain's driver was paid big loot too.
According to MSNBC, "Thain also paid his driver $230,000 for one year's work, which included the driver's $85,000 salary and bonus of $18,000, and another $128,000 in over-time pay, documents show. Drivers of top executives are often paid about half that amount."
Thain's resignation will be a simple slap on the wrist if he resurfaces as a CEO or senior executive of another major corporation that received government assistance anytime soon.
According to MSNBC, "Thain also paid his driver $230,000 for one year's work, which included the driver's $85,000 salary and bonus of $18,000, and another $128,000 in over-time pay, documents show. Drivers of top executives are often paid about half that amount."
Thain's resignation will be a simple slap on the wrist if he resurfaces as a CEO or senior executive of another major corporation that received government assistance anytime soon.
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