Originally written by John Bunch on January 26, 2009 4:29 PM - Financial crises are nothing new, they have been around as long as there have been financial markets -

Market crashes are inevitable, but financial innovation and globalization have massively increased our vulnerability to them. http://www.theatlantic.com/doc/200812u/market-crashes

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The wipeout in 401(k)’s has made it clear that there needs to be a better way to ensure that a lifetime of savings can’t be undone by forces beyond one’s control. (http://www.nytimes.com/2009/01/26/opinion/26mon1.html?em)

Hi Jacek,

My sister works in New York and will be retired in 2009 after working 90 years for one company with 401k.

Guess what?  She is laid off 3 weeks ago (Maddoff) and will get no retirement.  I am shocked to see how

downgraded the system has been.  The rich, educated CEO practically stole money from the poor and continue

exploiting even amidst this big scandal by ordering jets, expensive office decors, etc...

Obama is their last chance to turn aroun and redeem themselves, Harmageddon will be next.

Can´t they just return the stolen money or what´s left of it?

People earn titles in universities but nothing else.  

I make a pledge to spend every penny I earn as soon as I earn it since the mattress is not a good idea either. 

If I cancel the life insurance I will loose half of it because it is bundled some Zürich fund.   

Originally written by Marie Glück on January 28, 2009 1:26 AM    The rich, educated CEO practically stole money from the poor and continue exploiting even amidst this big scandal by ordering jets, expensive office decors, etc... Obama is their last chance to turn aroun and redeem themselves,

Citigroup – now depending on billions of taxpayers dollars--was about to spend 50 millions on a new corporate jet. (?!) Little did these idiots imagine the new president would prevent them from getting their new toy. Kudos to Obama. 

Bertha

Say what you will, but I see only two main reasons for crises (inflation - certainly!). 1 is (needless?) people buying needless things (this seems to be good enough to become a Dodoism; I suppose I should make it one), and 2 is money not earned is still money. Sorry, guys and gals...

Originally written by Bertha S. Deffenbaugh on January 28, 2009 11:28 AM   Originally written by Marie Glück on January 28, 2009 1:26 AM    The rich, educated CEO practically stole money from the poor and continue exploiting even amidst this big scandal by ordering jets, expensive office decors, etc... Obama is their last chance to turn aroun and redeem themselves,   Citigroup – now depending on billions of taxpayers dollars--was about to spend 50 millions on a new corporate jet. (?!) Little did these idiots imagine the new president would prevent them from getting their new toy. Kudos to Obama.  Bertha

I watch cnn and bbc and I dont believe they are kidding us- the ceo´s and the manager who spent almost 2mn in his office, and filed for a 10mn bonus obviously reads no newspaper.  He must be too busy doing important things like spending money. 

I have an economist acquaintance working for the UN who considers his job rather as a vocation.  He sees himself as a humanitarian.  He sees what he does as a means to promote a better life among people and explains in detail why.  Hard to put his thought into words but one can perceive some kind of love of neighbhour in his approach to his work.  Why can´t we get some more of such ones in wall street?  There was once a very upright NYSE chairman in the 80´s- am wondering what happened to this gentleman.

Originally written by Marie Glück I have an economist acquaintance working for the UN who considers his job rather as a vocation.  He sees himself as a humanitarian.  He sees what he does as a means to promote a better life among people and explains in detail why.  Hard to put his thought into words but one can perceive some kind of love of neighbhour in his approach to his work.  Why can´t we get some more of such ones in wall street?

Corporate CEOs are responsible to their shareholders and have a legal duty to maximize profit.  "Love of neighbor" is not a corporate mission, nor is it something the owners of the company generally care much about, certainly not to an extent that it would significantly decrease profit margins.

It is certainly laudable that your aquaintance views himself as a humanitarian, but there is a danger in being too smug here.  Your acquaintance does the work he does because it maximizes his own personal interests, which in a major sense makes him no different than any other business person.  His interests may be different, but maximizing shareholder profits is also a worthy goal.  Many people view supporting their family as their primary duty, and maximizing profits can enable them to send children to college or care for an elderly relative.  Let us not be too quick to condemn those who pursue profit, as you don't always know what their situation is.