Friday, December 03, 2010
America’s rough tough financiers
They pay themselves enormous sums of money because they think of themselves as the capitalist shock troops who perform invisible-hand duties beyond the comprehension of ordinary Americans. But when there’s trouble, they run for help to … mama government.
The entire financial system was about to collapse in late 2008. Something had to be done. Thank goodness for Ben Bernanke et gang. But let’s be clear: The vast majority of financiers, whether hot-shot hedge fund managers or mutual-fund apprentices dreaming of one day being hot-shot hedge fund managers, owe their current jobs, status and fortune to the American government and people. Think of that next time some financier tries to justify an obscene compensation package on the grounds that that’s how “free enterprise” works.
They pay themselves enormous sums of money because they think of themselves as the capitalist shock troops who perform invisible-hand duties beyond the comprehension of ordinary Americans. But when there’s trouble, they run for help to … mama government.
The entire financial system was about to collapse in late 2008. Something had to be done. Thank goodness for Ben Bernanke et gang. But let’s be clear: The vast majority of financiers, whether hot-shot hedge fund managers or mutual-fund apprentices dreaming of one day being hot-shot hedge fund managers, owe their current jobs, status and fortune to the American government and people. Think of that next time some financier tries to justify an obscene compensation package on the grounds that that’s how “free enterprise” works.
