The bonus racket January 30th 2009
The traditions of paying obscene salary & bonuses to the bankers are an eye sore to most of the people and even in industries.
Greed is the precursors to all collapses in the world. History tells us. Citadels of kingdoms have been rubbled in the annals of history books because of un-satiated appetite for personal wealth.
The modern history would also have the same chronicle for the empires that were build on greed, like banking empires & investment banking.
Look at the impunity and brazenness with which the employees, in fiduciary relationship with investors, are pillaging the owners/ investors.
Poor shareholder may not even get a bare net of tax dividend to justify his investment and to stay invested. This is all in the name of professionalism.
Imagine the High Net Worth individuals who stay invested in schemes, as advised by their investment bankers, to earn a better return on their wealth and are just returned bare average returns in the name of risk and continuity, while the people who are entrusted with that funds are having a daylight heist on account of the investors & shareholders.
We see reports on Bank of America & Citi Bank where corporate splurge has assumed a dimension of obscenity that it puts the world to shame. Some one just redecorated his office at Bank of America at a cost of 1.5 million US $!!! And US government is trying to salvage such institutions by funding them to stay afloat by injecting trillions of dollars to keep them afloat!!! Ridiculous.
Seriously, are we in the business of undermining the basic intelligence of humankind?
Personal ambitions when overrides the ground realities, a situation is always witnessed that eventually leads to public censures and a abasement for the entire industry for acts of few.
All would agree that there is nothing superlative about such pillages and daylight heist, but the plethora is webbed through a ‘sophisticated’ business model that does not stand the test of time and generally accepted traditional wisdom and collapses before another genre gets time to study this.
Time has come to give the monitoring agencies a bit of biting abilities from being a toothless watchdog that can bark but cannot bite. Poor sons of bitches!!!
There is no harm in bonuses; it should be a motivator to do well for all, but not to be used by corporate honchos as a tool to feather their nests and the expenses of the goose that laid the golden eggs.
