New Financial Term - Golden Lifeboat

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  1. #1

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    New Financial Term - Golden Lifeboat

    I saw this a few days ago
    http://www.ft.com/cms/s/0/3742cace-e...0779fd2ac.html
    and truly was not surprised.

    Now I see this
    http://www.reuters.com/article/newsO...50L4C720090122
    and so it might appear that the left hand did not know what the right was doing ( I think everyone was surprised at the speed of the purchase in any case ) so you might think that BoA might claw back something. Not meager at 3 - 4 Billion USD

    Until you spot " the terms of Thain's departure would be disclosed later. ". Is he transferring to a SECOND Golden Lifeboat ? For all you wondering where all the money went.......................... !!!


  2. #2

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    It's amazing how these people scratch their own back, and the politicians are so happy to be part of the crooks. And how those who pay the bills (i.e. everybody) don't seem to care.


  3. #3

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    One crook is finally gone, now a few more need to follow. The BofA shareholder fraud of this deal has been outrageous and Paulson and Bernakie are as much to blame as Thain. Although not all surprising if you look at their relationships outside of work....long hisory of this Boy's Club.


  4. #4

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    One crook is gone, but he will soon be replaced by another crook and all the others are still there. Why doesn't anybody expect bonuses to be related to performance? The more one earns, the less competent he has to be? How can you get a bonus for losing money????


  5. #5

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    Quote Originally Posted by Safran:
    It's amazing how these people scratch their own back, and the politicians are so happy to be part of the crooks. And how those who pay the bills (i.e. everybody) don't seem to care.
    I think the basic problem is that Politician ( aka The Lawmakers ) are in the main Lawyers or Businessmen who EMPLOY Accountants to handle the intricacies of the financial legislation. The banking system, in all its guises, is full of accountants, in all its guises and not just CPA's, looking how to manipulate the law to best advantage.

    Who do the politicians go to for advice on drawing up the financial law, take the advice of and appoint to head the Fed and SEC ? Yep - you guessed it. Because politicians always need a quick fix there is never the time , or the educated mind, high enough up the political food chain to actually put workable systems in place and actually write legislation that cannot be " legally " worked around like this.

    Any accountant worth his salt has spotted it a mile of and ML used the confusion and panic to slip away in the Golden Lifeboat.

  6. #6

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    You can also blame Greenspan for letting them regulate themselves.


  7. #7

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    You don't need Greenspan to regulate on this. You just need a law relating bonuses to performance. Very simple!

    The shareholders aren't going to do anything because they are the same crooks who pay themselves huge bonuses for losing money!


  8. #8

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    Quote Originally Posted by Safran:
    You just need a law relating bonuses to performance. Very simple!
    No you don't. this is greed at its best...and no matter what law you draft or how you try to enact it, there will always be a few above the law or playing it...

  9. #9

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    Quote Originally Posted by Mat:
    No you don't. this is greed at its best...and no matter what law you draft or how you try to enact it, there will always be a few above the law or playing it...
    Of course there are always going to be people who break the law, and a very tiny minority who is above the law, but don't tell me you can't draft a law that is abided by pretty much everybody.

    Can't you think of any law that is abided to by 99.9999% of the population?

    E.g.: Of course there will always be murderers, and a few people (e.g. Bush) who can get away with murder. This doesn't mean that murder should be legal...