Friday, March 27, 2009

Invincible Wall Street - Another Dash-for-Cash

It's not just Wall Street, but if you still had any illusions that Greenspan's enlightened self-interest stuff rules the day, read this.

It's not just Merrill Lynch executives who made an alleged, last-minute, dash-for-cash. The storyboard:

Chief credit officer of mid-size bank advises board not to pay a bonus/salary demand of then CEO, a request made just before TARP monies flow in and the first quarterly losses come down.

In one of last acts, CEO summons said credit officer, fires him, while having people "sweep" his blackberry and computer.

Today, we know about this only because there is a lawsuit ...

This is how the lousy ethical situation at the top perpetuates itself. Only those who 'go along' continue.

The evidence of it is everywhere, if you just keep your eyes open.

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