It’s very immature to be taking pleasure from other people’s misfortune. Embarassing even.
I remember feeling embarrassed for what I felt when Grasso had to resign after his $140m a year salary became public. Embarrassed and disgusted.
What difference does it make to me that someone is earning obscene amounts of money – it’s not like there is a limited pie and the rich people are taking the money from everyone else.
Maybe – just maybe – the bankers weren’t making the pie bigger for everyone after all.
Maybe the housing bubble was a trick of the eye? Make the pie look bigger for everyone while they take their slice. When the pie shrinks back down to regular size, we’ll all go back to normal except the bankers keep their slice and move on to the next bubble.
Except, this time, their slice is shrinking too.
I remember the passage in Bonfire of Vanities (the book is still packed or I would quote it) where Sherman is suspended on full pay and he realizes that he cannot survive because his living expenses are more than his salary. He needs his seven figure bonus just to stay above water. He is hemorrhaging money. I know how he feels. It is strangely comforting to know that some real Shermans will know too.
What happens next? Will they all quit and go to the one bank that didn’t take bailout money? Will they setup their own little banks?
At what point will the PR people stop saying that they are going to lose all their best people to their competitors?
And what happens to the kids now choosing a career? Science or finance? Science or finance?
Who knows? Even John Galt doesn’t know.
This just came up – no kidding on a recorded show on KQED –
Merryl Lynch. Committed to creating wealth and value throughout the world.
Not any more they are not. Not even for themselves.