Showing posts with label economy. Show all posts
Showing posts with label economy. Show all posts

Tuesday, July 28, 2009

Haiku 072809

by the dock
he snacks on pound cake
lots of sunfish

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Recently, we read the following:

New York Times: “44 Charged by U.S. in New Jersey Corruption Sweep” by David M. Halbfinger

“A two-year corruption and international money-laundering investigation stretching from the Jersey Shore to Brooklyn to Israel and Switzerland culminated in charges against 44 people on Thursday, including three New Jersey mayors, two state assemblymen and five rabbis, the authorities said.

“The case began with bank fraud charges against a member of an insular Syrian Jewish enclave centered in a seaside town. But when that man became a federal informant and posed as a crooked real estate developer offering cash bribes to obtain government approvals, it mushroomed into a political scandal that could rival any of the most explosive and sleazy episodes in New Jersey’s recent past.

“It was replete with tales of the illegal sales of body parts; of furtive negotiations in diners, parking lots and boiler rooms; of nervous jokes about ‘patting down’ a man who turned out to indeed be an informant; and, again and again, of the passing of cash — once in a box of Apple Jacks cereal stuffed with $97,000...

“The authorities laid out two separate schemes, one involving money laundering that led to rabbis and members of the Syrian Jewish community in Brooklyn and in the Jersey Shore town of Deal, where many of them have summer homes. The other dealt with political corruption and bribery and involved public officials mostly in Jersey City and Hoboken, where the pace of development has been particularly intense in recent years…”

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And we thought:

… Charged: several rabbis, a few mayors, a couple of state assemblymen. Just shows that the lure of easy money could make one gloss over the risks (shame, harm to one's name and family, imprisonment, etc.) inherent in illegal money schemes. Here's another proof that greed cuts across social lines. It's not unique to bottom feeders. Greed took down Madoff, too...


a contemporary haiku and current events blog. occasional notes on [and pokes at] nature and society. and some of their maddening stuff…like the economy finance capital mergers energy health care insurers jobs retirement politics government congress courts conflicts united nations human rights lennon peace culture mores education alienation religion erving goffman artifacts history social change twitter scientific method sports travel environment wildlife carbon footprint global warming earth...

Tuesday, July 14, 2009

Haiku 071409

baseball fans

cracking sunflower seeds --
gray squirrels


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Recently, we read the following:

Washington Post: “AIG Is Preparing to Pay Millions More in Bonuses” by Brady Dennis and David Cho

“American International Group is preparing to pay millions of dollars more in bonuses to several dozen top corporate executives after an earlier round of payments four months ago set off a national furor.

“The company has been pressing the federal government to bless the payments in hopes of shielding itself from renewed public outrage….

“AIG doesn't actually need the permission of Kenneth R. Feinberg, who President Obama appointed last month to oversee the compensation of top executives at seven firms that have received large federal bailouts. But officials at the troubled insurance giant, whose federal rescue package stands at $180 billion, have been reluctant to move forward without political cover from the government….

“AIG's proxy statement filed last month explains why AIG initially instituted the retention payments. The company stated that after the federal bailout began in September, ‘we needed to confront the fact that many of our employees, perhaps the majority, knew that they long-term future with us was limited, and our competitors knew that our key producers could perhaps be lured away ... Allowing departures to erode the strength of our businesses would have damaged our ability to repay taxpayers for their assistance…’

“The recent discussions between the company and Feinberg illustrate how politically sensitive the bonuses have become, both for AIG and for the Obama administration. No development in the government's bailout of financial firms has angered lawmakers and ordinary Americans more than the disclosure in mid-March that the global insurer was paying more than $165 million in retention bonuses. Those were aimed at retaining 400 employees at AIG Financial Products, the troubled unit whose complex derivative contracts nearly wrecked the global insurance giant….”

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And we thought:

… How can AIG strengthen its ability to repay taxpayers by retaining the very same people who wrecked AIG? In fact why weren’t they fired in the first place? How can you bring down your company and still be offered more money to stay?

This retention deal smells. Why are AIG officers and employees being allowed to snack on their bailout seed funds? Makes one wonder if the so-called retention bonuses are really hush money. Are the bonuses supposed to keep people from spilling the beans on a bigger scandal?

Are there silent players -- "insiders" -- being protected who made a bunch of money on the "complex derivative contracts"? Maybe top AIG executives and officials of the past administration?

Coffee shop talk....





Friday, July 10, 2009

Haiku 071009

she flits among
the rose bushes next --
butterflies


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Recently we read the following:

New York Times: "U.S. Considers Curbs on Speculative Trading of Oil" by Edmund L. Andrews

“Reacting to the violent swings in oil prices in recent months, federal regulators announced on Tuesday that they were considering new restrictions on “speculative” traders in markets for oil, natural gas and other energy products…

“Since Mr. Obama took office, the Justice Department has stepped up antitrust enforcement activities, abandoning many legal doctrines adopted by the Bush administration…

“The Commodity Futures Trading Commission said it would consider imposing volume limits on trading of energy futures by purely financial investors and that it already has adopted tougher information requirements aimed at identifying the role of hedge funds and traders who swap contracts outside of regulated exchanges like the New York Mercantile Exchange.

“ “My firm belief is that we must aggressively use all existing authorities to ensure market integrity,’ said Gary Gensler, chairman of the commission, in a statement. He said regulators would also examine whether to impose federal ‘speculative limits’ on futures contracts for energy products…

“Mr. Gensler appears focused on two basic goals. The first is to limit the volume of trading by purely financial investors, the “speculators,” as opposed to businesses like airlines or oil companies that consume or produce oil and want to minimize their exposure to big changes in price…”

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And we thought:

…To ordinary consumers, moderating the oil speculators’ feeding frenzy at this time will be a welcome move. Already financially-burdened households need some relief from rising gas and energy costs and their effects on the price of consumer goods. The industries that use oil products heavily need some relief, too. Long-term goals before short-term gains...



Monday, July 6, 2009

Haiku 070609

blackbirds crowd
the lidless trash bin…
summer picnic

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Recently, we read the following:

New York Times: “G.M. Stock Advice: Expect Zero Value” by Jack Healy

“Major corporations are not known to advise investors that their stock is essentially worthless. But on Wednesday, after several days of high-volume trading of General Motors shares, the automaker warned traders that its stock would have no value when it emerged from bankruptcy.

“ ‘G.M. management continues to remind investors of its strong belief that there will be no value for the common stockholders in the bankruptcy liquidation process, even under the most optimistic of scenarios,’ G.M. said.

“G.M. was delisted from the New York Stock Exchange after it filed for bankruptcy protection in June, but its stock has traded over the counter for more than $1 a share.

“Investors holding common shares of General Motors are expected to be wiped out by the reorganization.”


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And we thought:

…Is there something those investors know that the public doesn’t? Of course, recyclers are known to make money out of waste...


Thursday, July 2, 2009

Haiku 070209

summer winds
skim the treetops...
the grill below

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Recently, we read the following:


Washington Post: “Madoff Sentenced to Maximum 150 Years in Prison” By Tomoeh Murakami Tse

"Bernard Madoff was sentenced Monday morning to 150 years in prison for conducting Wall Street's biggest Ponzi scheme, whose victims numbered in the thousands and spanned the globe.

"... When U.S. District Judge Denny Chin announced his decision inside a packed federal courtroom in lower Manhattan, some of the victims let out a loud cheer….

"Madoff's attorney, Ira Lee Sorkin, had asked the judge for a 12-year sentence ... saying that that his client was cooperating with authorities and that he had willingly given himself up when he informed his sons of a $50 billion scheme last December.

"But Chin, who described Madoff's crimes as 'evil,' 'staggering' and 'massive' over a 20-year period, said a message had to be sent that he was being punished accordingly. The magnitude of the fraud, Chin said, was 'off the charts' -- federal sentencing guidelines are for losses up to $400 million dollars. Chin also noted that Madoff's confession had come only after he knew his scheme was within days of collapse.

"In a prepared statement that showed slightly more emotion than his guilty allocution in March, Madoff apologized for his actions, turning around to briefly face his victims in the audience….

"Madoff also said that while he and his wife have been accused of being silent and unsympathetic, 'my wife cries herself to sleep every night....' "

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And we thought:

….The apologies and tears are really utterly empty gestures; the 150 years in prison, not nearly long enough. Madoff and his ring of thieves -- wife, children, friends and close business associates who profited from the giant Ponzi scheme – should have all their money and possessions forfeited.

The proceeds should go to a trust that would serve, first, to help meet the basic needs of the Madoffs’ most devastated victims – the retirees and their families who lost life savings. Second, to help restore the victimized pension funds and school endowments to viable levels. And, next, to help re-fund the charitable foundations and non-profits involved in social services and humanitarian work, so that they may continue their programs….

Sunday, April 19, 2009

Haiku 041909

winter sun
brown spruce needles
facing south



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Recently, we read the following:


Huffington Post: “Tea Party Fallout: Independents Turned Off, Some GOPers Worried” (by Sam Stein)

“It's been two days now since angry conservatives hosted a series of tea parties across the country, and the fallout has some Republicans nervous. While the anti-tax sentiment of the protests may have been sincere, the images pulled from the events have often been offensive, embarrassing, or politically problematic. It is a development that has tripped up the GOP before. The rallies outside McCain-Palin events included some of the same bile that was seen at the tea parties: charges of fascism, terrorism and other malicious criticisms leveled at Barack Obama. And it did the Republican ticket little good in its efforts to bring moderate voters to the cause.

“Not everyone sees the connection. But some Republicans and Independents do view the fallout between the tea parties and the McCain-Palin rallies in a similar way: bad for the GOP. ‘It is not clear-cut that the tea-party phenomena helps the GOP, unless they have a specific measure or policy (like Prop. 13 in 1978, and income tax cuts after that) to coalesce around,’ said Steven Hayward, a scholar at the conservative American Enterprise Institute….

“Of course, because the series of nationwide tea parties were geared towards a specific day (Tax Day), the political ramifications of the events seem naturally limited. ‘Those tea parties will be long forgotten by, oh, say tomorrow,’ said Stu Rothenberg, of the Rothenberg Political Report...."


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And we thought:

…. Sam Stein’s piece says what we think about the Republican-instigated “tea parties”: bad for the GOP. The Republicans need to remember from whom Obama inherited the mess and backwardness that the country is now in: the Bush-Republican administration of the last eight long years. The long Bush-Republican winter of gross incompetence.

During the 2008 Presidential campaign, McCain and Obama presented to the American electorate their respective programs of government. Each expounded on how he intended, in various fronts, to bring the U.S. out of the deep rut to which George W. Bush had driven the country. On 4 November 2008, three million more American voters chose Obama and his program over McCain and his.

It’s only been three months since Obama assumed the Presidency. If he and his team don’t get the country moving forward, as promised -- in education, health care, energy, and the economy – then give them the boot in 2012. Meanwhile, the majority of the American people gave Obama and his team a decisive mandate last November. For now, the democratic, i.e., American, way is to let them settle in and govern in the next four years….

Wednesday, April 15, 2009

Haiku 041509

goslings crowd
the pond's edge ...
skinny dippers


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Associated Press: “Six companies to get $9.9B under mortgage program”

“The Obama administration on Wednesday named the first six mortgage companies participating in a $75 billion program designed to help millions of struggling homeowners avoid foreclosure….The administration said the companies — including some of the mortgage industry's biggest players [such as Chase Home Finance, Wells fargo, GMAC Mortgage, CitiMortgage] — will receive a maximum of $9.9 billion in incentive payments, which are designed to encourage mortgage companies to lower borrowers' monthly bills….

“The program, unveiled on March 4, will offer struggling homeowners the chance to obtain modified loans with lower monthly payments….The refinancing plan is limited to borrowers who owe up to 5 percent more than their home's current value.....”

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…. It’s noteworthy that a campaign promise of assistance to homeowners is being kept. However, the administrators (would these be the six mortgage companies?) of the homeowners’ bailout program should be wary of the trap of unintended consequences. They could be unduly rewarding a bunch of undeserving folks.

For example, the unscrupulous flippers who finally ended up being stuck with "investment" properties, which they thought they'd quickly resell for a substantial profit as before -- but now can't. Or those irresponsible homeowners who took out so-called home improvement loans -- encashing their homes’ equity -- fully intending, however, to simply spoil themselves with frivolous or ostentatious purchases. If they're not screened out, the program would be such a silly waste of scarce resources ….





Sunday, April 5, 2009

Haiku 040409

last goose
canadians' tail end ...
headed north

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Recently, we read the following:
Washington Times: "Republicans fume over lost Alaska Senate seat"

"The Senate's top Republican said Wednesday there was "no question" former Alaskan Sen. Ted Stevens would have won re-election last year if the Justice Department had thrown his corruption case out before the vote. 'No question that if this decision had been made last year he'd still be in the Senate,' Senate Minority Leader Mitch McConnell, Kentucky Republican, told a small group of reporters on Capitol Hill.

"Attorney General Eric Holder said the government was dismissing its case because of prosecutorial abuse. Mr. Stevens, a political legend in his state, narrowly lost a bid for a seventh term to Democrat Mark Begich after his initial conviction last fall and had been appealing the verdict...."

***************

And we thought:
…. Note that it was Obama's Justice department that dismissed the federal corruption charges against Stevens – not due to a finding of innocence, but due to prosecutorial abuse. Alaska (R) Sen. Murkowski is disturbed by the “violations of civil liberties”? Guess when the charges were filed and who prosecuted the case? It was during Bush’s term and it was Bush’s Justice department! What -- have Republicans just contracted Sudden Onset Alzheimer's Syndrome -- the hideous, partisan type?!

Which makes one wonder: Was the Bush Justice department’s "prosecutorial abuse” pre-planned -- to give Stevens a way out, on a technicality?.... Well, now it's back to Alaska for him to consolidate political forces, rebuild alliances with the oil and energy companies, and stage a comeback in the next senatorial elections. More pork and another "bridge to nowhere". Bring out your high blood pressure meds!...




Saturday, April 4, 2009

Haiku 040309

dead elm
a bird pecking
insect eggs


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Recently, we read the following:

New York Times: "As Indian Growth Soars, Child Hunger Persists"

"Small, sick, listless children have long been India's scourge — “a national shame,” in the words of its prime minister, Manmohan Singh. But even after a decade of galloping economic growth, child malnutrition rates are worse here than in many sub-Saharan African countries, and they stand out as a paradox in a proud democracy. "

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And we thought:

.... In London, recently, the G-20 nations met to fix the broken global financial system, brought into focus by the effects of the greed and reckless conduct of AIG and its ilk. In contrast, other parts of the world are grappling with a more basic concern -- hunger. For example, even after a decade of economic growth, the Indian government is still facing a horrific child malnutrition rate. Its children under 5 who are underweight – a critical gauge of malnutrition – total almost 43 percent! One wonders how we can help end world hunger .…

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Publisher's Note: Maybe, ten grains at a time.... To donate free rice ten grains at a time, try the Vocabulary Game. It's free and quite entertaining. The game is provided by FreeRice, a non-profit website run by the United Nations World Food Program (WFP), in partnership with the Berkman Center for Internet & Society at Harvard University.

“Clicks on the FreeRice vocabulary game from players like you have already translated into WFP food rations for over 20,000 Myanmar refugees, currently living in Bangladesh. Pregnant women in Cambodia, school children in Uganda, and Bhutanese refugees in Nepal are also receiving rice, thanks to the award-winning [FreeRice] site.” (
Friends of the World Food Program)


Wednesday, April 1, 2009

Haiku 040109

noisy geese
tail the sunset --
a quiet pond


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Recently, we read the following:

In breaking news, hereisthecity.com: "Ex-Wall Street CEOs Lead G20 Protesters"

“A group of disgruntled former Wall Street CEOs led protesters and stormed the barricades in London early Wednesday.”

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And we thought:

.... One wonders what was going in the minds of these Wall Street discards…. Read the article to the end.... Happy April Fool's Day! ....



Tuesday, March 24, 2009

Haiku 032409

spring jackets

almost snowless
wet brown grass


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Recently, we read the following:

Washington Post: "Geithner to ask Congress for broad power to seize firms, including non-bank financial companies"

“Treasury Secretary Timothy F. Geithner today told Congress the administration will seek unprecedented power to seize non-bank financial companies whose collapse could jeopardize the economy, a move Geithner said would have allowed the government to bail out insurance giant American International Group at a far lower cost to taxpayers. The government at present has the authority to seize only banks.

“Allowing the Treasury Department to take over a broader range of companies, such as large insurers, investment firms and hedge funds, would mark a significant shift from the existing model of financial regulation, which relies on independent agencies that are shielded from the political process. The Treasury secretary, a member of the president's Cabinet, would exercise the new powers in consultation with the White House, the Federal Reserve and other regulators….”

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And we thought:

…. This appears to address the seeming lack of a single, decisive locus of regulatory authority over financial institutions. As evidenced by the recent financial meltdown, the current financial regulation model, due to its inadequate oversight powers, engendered unbridled risk-taking and unscrupulous activities even by highly-rated and respected insurance companies, investment firms and hedge funds.

Geithner's proposed model should hence make messmongers think twice, we hope. It's a bit like students being better behaved and engaged when the principal manages his school by walking around and being visible -- and is perceived as personally involved. Hope the model's also been vetted enough to preclude unintended consequences….

Monday, March 23, 2009

Haiku 032309

loud drumming
on the shingled roof --
first rainstorm

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Recently, we read the following:

International Herald Tribune: "Administration seeks increase in oversight of executive pay at all banks, Wall Street firms"

"The Obama administration will call for increased oversight of executive pay at all banks, Wall Street firms and possibly other [financial] companies as part of a sweeping plan to overhaul financial regulation, government officials said. The outlines of the plan are expected to be unveiled this week in preparation for President Obama’s first foreign summit meeting in early April….

"Officials said the proposal would seek a broad new role for the Federal Reserve to oversee large companies, including major hedge funds, whose problems could pose risks to the entire financial system…. The administration has been considering increased oversight of executive pay for some time, but the issue was heightened in recent days as public fury over bonuses spilled into the regulatory effort….

"One proposal could impose greater requirements on company boards to tie executive compensation more closely to corporate performance and to take other steps to ensure that compensation was aligned with the financial interest of the company…. The new rules will cover all financial institutions, including those not now covered by any pay rules because they are not receiving federal bailout money. Officials say the rules could also be applied more broadly to publicly traded companies, which already report about some executive pay practices to the Securities and Exchange Commission…"

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And we thought:

.... Spring cleaning at U.S. financial institutions? The danger for Obama's administration is that it doesn't go far enough in fixing the broken regulatory system and ensuring that the interests of all stakeholders are equally served. It should take advantage of the momentum that public opinion has generated over the last several months. The proposed changes need to be as wide-ranging as possible in terms of the institutions and practices they will cover. And as free of legal and tax loopholes as possible -- no more "ways-out" ....

Sunday, March 22, 2009

Haiku 032209-b

mallards
on glimmering water
kids in coats


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Recently, we read the following:

Wall Street Journal: "Top Official Sees End to Russia's Financial Crisis"

"A top official said Russia was at or close to the bottom of the financial crisis, adding that the Kremlin was happy to see foreign creditors take stakes in major companies to claw back bad loans. In comments to foreign media, First Deputy Prime Minister Igor Shuvalov said the government was increasingly upbeat about the Russian economy and hoped it would start growing again by the end of this year if the global economy doesn't sharply deteriorate.

"As oil prices have risen above $50 a barrel and the ruble has steadied against the dollar, the Kremlin says there are tentative grounds for optimism, sounding an increasingly confident note about its handling of the financial downturn. "The first phase is over," said Mr. Shuvalov. "Most businesses have already adapted and the budget is not playing out according to the worse scenario."

"Mr. Shuvalov confirmed that the Kremlin was no longer willing to offer large-scale bailouts to distressed corporations, something it did during the first stage of the crisis, but said that the government would help strategically important firms that had a genuine need. He stressed that commercial banks were now awash with cash, however, and could cover many of the lending requirements...."

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And we thought:

…. Mr. Shuvalov’s optimism, like Obama’s, hinges on long-term measures taken to lay the foundation for sustainable economic recovery. Ironically, this is the kind of strategic thinking that, by most indications, many Wall Street types don't seem accustomed to. For all their keen minds, they don't seem able to see beyond quarterly results, which is certainly silly. Maybe they need some financial advice? Again, silly. Or, maybe they're just plain greedy…. =)



Saturday, March 21, 2009

Haiku 032109

soiled clothes

leaves from autumn
on soggy ground

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Recently, we saw the following:

CNN: "Taxing the AIG $165 M Bonuses: Legal or Political Punishment"

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And we thought:

.... It's moral punishment! The people of AIG Financial Products tried to bankrupt the world, thanks to the lack of oversight during the Bush-Cheney era. And now, these same AIG FP executives are receiving "bonuses" out of taxpayers' bailout money?! ...




Thursday, March 19, 2009

Haiku 031909

neighbor's dog
the rabbit skips on
ice water

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Recently, we read the following:

Associated Press: "Livid Democrats demand AIG return $165M bailout bonuses"

"Talking tougher by the hour, livid Democrats confronted beleaguered insurance giant AIG with an ultimatum Tuesday: Give back $165 million in post-bailout bonuses or watch Congress tax it away with emergency legislation. Republicans declared the Democrats were hardly blameless, accusing them of standing by while the bonus deal was cemented and suggesting that Treasury Secretary Timothy Geithner could and should have done more…."

"Fresh details, meanwhile, pushed outrage over AIG ever higher: New York Attorney General Andrew Cuomo reported that 73 company employees received bonus checks of $1 million or more last Friday. This at a company that was failing so spectacularly that the government felt the need to prop it up with a $170 billion bailout....

"The financial bailout program remains politically unpopular and has been a drag on Barack Obama's new presidency, even though the plan began under his predecessor, George W. Bush. The White House is well aware of the nation's bailout fatigue — anger that hundreds of billions of taxpayer dollars have gone to prop up financial institutions that made poor decisions, while many others who have done no wrong pay the price…."

***************

And we thought:

.... On the other hand, while they rail against the AIG executives, these same Democrats (like their Republican counterparts) are keeping mum about -- and won’t give up -- their own spending bill earmarks (i.e., pork), running in the hundreds of millions of dollars. Are the mirrors in the Capitol too fogged up they can't see their own faces?....



wa

Wednesday, March 18, 2009

Haiku 031809

new dawn
melting snow and ice
seeking the pond

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Washington Post: "Congress moves to impose hefty tax on AIG execs' $165M bonuses"

"Senior White House officials said last night that President Obama did not learn that bonuses worth $165 million were to be paid to executives of American International Group until Thursday, one day before they were issued and two days after his Treasury secretary was informed that the payments were going forward….

"As Geithner and other Obama aides continued to scramble to pull back the bonuses and calm the public furor they sparked, Congress was preparing its own remedies. In what they acknowledged would be an extraordinary move, leading Democrats proposed using the tax code to punish executives at the firm, in which the federal government controls an 80 percent stake, unless those payouts are surrendered voluntarily.

"Action on the legislation could begin as early as today in the Senate. A proposal from Senate Finance Committee Chairman Max Baucus (D-Mont.) and the panel's ranking Republican, Charles E. Grassley (Iowa), would levy an excise tax on AIG and the executives who received the payments, adding up to more than 90 percent of the total of the bonuses. That tax would also apply to future bonuses awarded, either by AIG or by other firms receiving federal aid…."

***************

.... Isn't the U.S. at war? In Iraq and Afghanistan? Isn't there probable cause to simply charge these executives with economic sabotage and treason? They did help bring the country's financial system to the brink of collapse -- in the midst of a war! That should send a stern message....



Sunday, March 15, 2009

Haiku 031509

sequined gown
on old snow mounds
glinting ice

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Recently, we read the following:

New York Times: "Investors See a Glimmer and Shares Soar Worldwide"

"A few clues that the economy’s downward spiral might be slowing galvanized Wall Street on Thursday and sent the stock market soaring for the second time this week.

"Investors searching for relief from a relentless march of bad economic news found wisps of hope in developments that, not many months ago, would have been regarded as alarming. The news, by and large, was bad — just not quite as bad as feared….

"Less bad was good enough. The Dow Jones industrial average jumped 239.66 points, or 3.46 percent, to 7,170.06. The Standard & Poor’s 500-stock index leaped 29.38 points, or 4.07 percent, to 750.74. The Nasdaq composite index rose 54.46 points, or 3.97 percent, to 1,426.10.

"Since Monday, when the market fell to its lowest point in 12 years, indexes have soared roughly 10 percent, their best run since November…. A recovery is not around the corner, economists say, but there is a chance when it comes, the rebound will be fairly robust…."

***************

And we thought:

.... which certainly makes a lot of baby boomers a bit more hopeful about their retirement funds -- and the future of their kids and grandchildren .... And with stress levels a bit lower, maybe they'll not need their erectile dysfunction meds as much.... =)




Monday, March 9, 2009

Haiku 030909

winter dawn --
the faint sun shines on
peeking buds







Photo by R. Venkatesan

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Recently, we saw:

CNN.com: "Worst year for jobs since '45"

"....A sobering U.S. Labor Department jobs report Friday showed the economy lost 524,000 jobs in December and 1.9 million in the year's final four months, after the credit crisis began in September...."

***************

And we thought:

... while Merrill Lynch -- outrageously -- hands out bonuses to its executives and officers who should have received pink slips instead. When did the edict pass that failed governance should be rewarded? ....





Saturday, March 7, 2009