Johann Galt

Kenneth Feinberg, Pay Warrior

You have entirely missed the point. Yes, abuses ran, and still run rampant with respect to executive pay. But it is no answer to appoint some government official "Moses" and have him hand down what another's appropriate comepnsation should be. This kind of power will most certainly be abused. Joe Shareholder is correct- these corps should have failed- that would have solved the exec pay problem.

A far better solution would be to lessen the protections court's give officers of companies, and board members, as fiduciaries. It is nearly impossible to hold an executive responsible for looting a company. As bloated pay packages are clearly harmful to shareholders in many cases, a statutory abrogation of the court-created protections-that allows personal liability upon officers and board members- will alleviate this problem quickly.

But a "pay czar" in the United States of America? You must be kidding supporting this kind of collective thinking.

The Secret Paulson-Goldman Meeting

Perhaps he meant Bear Stearns?


On Oct 21 10:11 AM John Lounsbury wrote:

> Felix - - -
>
> Good post. The Sorkin book is being added to my must read list.<br/>
>
> I found the following quote you gave problematic:
>
> For the next hour, Paulson regaled his old friends with stories about
> his time in Treasury and his prognostications about the economy.
> They questioned him about the possibility of another bank blowing
> up, like Lehman, and he talked about the need for the government
> to have the power to wind down troubled firms, offering a preview
> of his upcoming speech.
>
> This doesn't make sense. The meeting was in June and Lehman blew
> up in September. The entire meaning would be changed and become consistent
> with history if the wording was changed as follows: "... the possibility
> of a major bank blowing up, like Lehman would later,..."

What's Next for Gold and the Dollar?

delofaz... wrote:

"In a democracy it is not nice to fool all of the people some of the times. The right sold America on their ability to manage their own wealth and life savings in Roths, IRAs and 401-K defined contribution pensions. It was a solution . It was the closest thing to Marx's Utopian idea of the proletariat owning the the means of production."

Clever, but I assume you mean the closest thing to ACTUALLY owning the means of production, i.e., GM, Chrysler, Citi, etc. I was following you until you threw in Rush and O'Reilly. The reality is the US can't pay for the checks it is kiting today. So is your point the citizen is hanging himself, or being led to the gallows by his elected officials?

Jim Rogers on the Next 10 Years

English will not be the standard in 20 years- it's too hard for most folks to learn. The new standard will most certainly be pig latin. anksthay orfay eadingray.

Washington's Dilemma: This Isn't a Recession, It's a Collapse

You've got style.


On Jul 14 03:58 PM finye wrote:

> I think you're pure dead magic and this, as usual, is absolute genius.

Supreme Court Rules Against Banks: A Win for Consumer Protection

Mr. Angry Banker- don't do business in states with overly burdensome regulation. It's that simple.

Your desire for uniformity does not trump each state's soveriegn right to pass its own laws. That's why this is a Republic Otherwise, why have states?

Obama's Financial Reforms: Who Stands to Lose

You have got to be kidding wrt SnL's: "the only change their customers may notice is that interest rates become a bit less generous[.]"???

Nice fluff piece. With the regulatory morass that comes with being a "bank" imposed upon SnL's the end result will surely be their extinction. Local SnL's can't afford the cast of characters necessary to maintain the auditing stds req'd of banks. Clearly, the change customers will notice is the rapid decrease of SnL's, as they are bought out by larger banks.

Great analysis- I look forward to hearing of your appointment as a regulator in this great new federal program!

Three Reasons Solar Sell-off May Be in Early Innings

This dude is in serious need of spell check. Can something this poorly written be given much validity?

What's Really Wrong With The Airline Industry - And Can It Be Fixed?

What the public wants, or is getting is immaterial. Raised prices = reduced demand = reduced flying. The problem for the airlines is that unlike other businesses, the airline must maintain trained personnel to meet anticipated demand. There is a lag time before the airline can attempt to adjust to the real vs. anticipated demand. During this lag time, the airline spends money.

Thus the downward spiral results as airline management chases its tail in a game it can't win without a booming economy. This industry needs a new economic model or genius entrepeneur with a new take on generation of profits. Otherwise, the "golden age" is over.