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Wall Street Breakfast: Must-Know News

I am waiting for an esteemed sociopolitical historian to write a great book on "When And How America Lost Its Honor". I need to know what the hell happened to us that has led to such public and private corruption, criminality, greed and unconcern for other's rights as citizens in this formerly great republic.

I am old enough to remember honor, duty and country first. What the hell happened to us, other than Reagan lowering the tax rates on the very rich in the 1980's way down to where it was for almost everyone with a job? By Reagan doing that, the very rich kept much more of what they made, got way richer than they were before and had an even more exaggerated lifestyle while paying less than they should have for necessary national costs. To me, that was the start of all that has since come home to roost.

Until I saw that inflating effect on runaway greed and avarice here, I still had some confidence in this previous greatest country in the world. Not much left, to be sure.

Wall Street Breakfast: Must-Know News

Merrill CEO Thain spent $18B on bonus payouts, so even if BofA agreed to $5.8B in bonus payouts, Thain still way overstepped his authority in the amount actually paid. He planned it all that way.

It is so very obvious that as a result of the merger, Thain was going to distribute the bonus money first, and worry about whatever consequences later. He also knew he was going to be fired by BofA soon anyway, so what did he have to lose while he had everything to gain?