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Reply #87: They relentlessly pursued regulatory changes to maximize profit... [View All]

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krispos42 Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Feb-15-09 01:06 AM
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87. They relentlessly pursued regulatory changes to maximize profit...
They did so by relentless and expensive lobbying for the relaxation or elimination of rules designed to prevent mergers and aquisitions of the financial sector, as well as various, formally separate segments of the sector.

Either they believed it wouldn't blow up, which makes them stupid failures, or they knew it would but figured on bailing out of the market and/or government bailouts when it did collapse, which makes them sucessful failures.

In either case, they are of a mind-set that we cannot afford to have running the financial "industry" of this country.

Ultimately this always happens. When your motive is profit... when you are legally required to make as much profit as possible, you only have as many morals and ethics as you can afford to have. And when you are a massive corporation with hundres of billions of dollars in annual revenue, you can afford damn little morals and ethics. This is made far worse by lackadaisical enforcement.

Everybody involved did what was in the best interest of the company's profits. That's the problem, not the solution. If an executive says "Hey, we're not going to do this profitable action because it affects the long-term financial stability of the country", he or she gets booted because the competition DOES do the act and makes millions or billions more than the executive's company.

I always thought the example shown in A Beautiful Mind was an excellent illustration of this priciple.
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  -Pay Limits in Stimulus May Cause Brain Drain, Industry Says Warren Stupidity  Feb-14-09 04:32 PM   #0 
  - Perhaps that's good. These may not be the brains we need.  SharonAnn   Feb-14-09 04:33 PM   #1 
  - Took the words out of my mouth.  tabatha   Feb-14-09 04:35 PM   #3 
  - yes I thought the same  KakistocracyHater   Feb-14-09 11:11 PM   #78 
  - My first thought. Let some other country deal with these greedy, self-serving a-holes.  liberalmuse   Feb-14-09 05:42 PM   #29 
  - a-holes were exactly the kind of 'brain drains'  ShockediSay   Feb-15-09 11:45 PM   #104 
  - BRAINS!  Quantess   Feb-16-09 12:47 AM   #107 
  - What Countries? What Hedge Funds?  justinaforjustice   Feb-22-09 09:47 PM   #117 
  - They can have my brains  djp2   Feb-14-09 07:08 PM   #57 
  - FUCK EM. Finance is a parasite industry. These managers are either spoiled rich daddy boys,  conspirator   Feb-15-09 09:30 AM   #96 
     - There was a reason for usury laws  ShockediSay   Feb-16-09 06:31 PM   #114 
  - They may just change the compensation package from mostly bonus to mostly salary  ProgressiveProfessor   Feb-14-09 04:34 PM   #2 
  - I thought it was general compensation.  tabatha   Feb-14-09 04:36 PM   #5 
     - Hard to get a solid report on this from the media and the pontificating on CSPAN is not helping  ProgressiveProfessor   Feb-14-09 08:44 PM   #67 
  - Where the heck will they drain to???  Siwsan   Feb-14-09 04:36 PM   #4 
  - ...the bottom of a cesspool.  avaistheone1   Feb-15-09 01:06 AM   #86 
  - Where ELSE would they go?  DJ13   Feb-14-09 04:36 PM   #6 
  - oh noes!  shireen   Feb-14-09 04:36 PM   #7 
  - H1B's stand ready.  Skink   Feb-14-09 04:37 PM   #8 
  - lol  avaistheone1   Feb-15-09 01:31 AM   #90 
  - Something has gone horribly wrong when I'm laughing at an H1B joke.  RUMMYisFROSTED   Feb-16-09 10:00 AM   #111 
  - Oh so they're going to outsource themselves, eh?  treestar   Feb-14-09 04:38 PM   #9 
  - Yeah Hedge Funds. I'm sure that is where the money is flowing to. NOT.  dkf   Feb-14-09 04:38 PM   #10 
  - Oh God, the whining from them is going to be deafening  bluestateguy   Feb-14-09 04:39 PM   #11 
  - bwahahahahahaha!  Runcible Spoon   Feb-14-09 04:42 PM   #12 
  - sometimes an abcess needs to be drained  eShirl   Feb-14-09 04:42 PM   #13 
  - As disgusting the thought, you nailed it!  GentryDixon   Feb-14-09 05:18 PM   #25 
  - They can hire me for a half million a year.  Vinca   Feb-14-09 04:44 PM   #14 
  - Where are all of the patriots?  CitizenPatriot   Feb-14-09 04:44 PM   #15 
  - OMFG - What will we DO without top talent skilled at the fine art of destroying the economy???  HopeHoops   Feb-14-09 04:49 PM   #16 
  - I agree! How ever will we survive without those who lost trillions for us?  Overseas   Feb-15-09 11:00 AM   #98 
  - BRAIN fucken drain?  Jackpine Radical   Feb-14-09 04:50 PM   #17 
  - Don't let the door hit your butt on the way out. nt  bemildred   Feb-14-09 04:50 PM   #18 
  - Does it really take a lot of brains? Serious question  OKNancy   Feb-14-09 04:57 PM   #19 
  - the British Doc. drain to US did not help us or hurt them n/t  jkappy   Feb-14-09 04:57 PM   #20 
  - Let them all go to China and see how well they do there.  L0oniX   Feb-14-09 05:05 PM   #21 
  - Good one! And so true...  CLANG   Feb-14-09 06:04 PM   #38 
  - CHINA WOOOOOO!  JVS   Feb-14-09 06:25 PM   #44 
  - Just so the folks who have a soul remain.  wellstone dem   Feb-14-09 05:08 PM   #22 
  - No, it will move many smart, ambitious people into actually _productive_ industries.  SurfingScientist   Feb-14-09 05:12 PM   #23 
  - Your analysis is perfect, SurfingScientist. Thank you for your ability to communicate it. (nt)  w4rma   Feb-14-09 06:29 PM   #47 
  - Good post  fujiyama   Feb-23-09 01:39 AM   #118 
  - Ok, I'll take the job  shadowknows69   Feb-14-09 05:16 PM   #24 
  - This is the standard argument  Turbineguy   Feb-14-09 05:18 PM   #26 
  - I know of a shovel their hands could fit.  MrPerson   Feb-14-09 05:20 PM   #27 
  - But it's the brains who created the crisis  rocktivity   Feb-14-09 05:29 PM   #28 
  - Good I hope it does,  Autumn   Feb-14-09 05:43 PM   #30 
  - Oh BOO Fruckin WHO - and the horse they rode out on  CLANG   Feb-14-09 05:44 PM   #31 
  - Yeah...cuz' the rest of us in this country are just so damn dumb.  MichiganVote   Feb-14-09 05:51 PM   #32 
  - The smartest people I know earn nowhere near $500K. Sorry, but the talented  metapunditedgy   Feb-14-09 05:52 PM   #33 
  - Good riddance to bad rubbish. They financially ruined our country...  truthisfreedom   Feb-14-09 05:58 PM   #34 
  - Did anyone else read that as, "Pay Limits in Stimulus May Cause Brain Damage" ?  DRoseDARs   Feb-14-09 05:58 PM   #35 
  - Ha! That's EXACTLY what I did a double take on!  CLANG   Feb-14-09 06:08 PM   #39 
  - You mean the brains who drained us?  boobooday   Feb-14-09 05:59 PM   #36 
  - Phil Gramm: Recession Is "Mental," America Is "Nation Of Whiners" (VIDEO)  UpInArms   Feb-14-09 06:01 PM   #37 
  - Gramms political irrelevance is guaranteed by that video  CLANG   Feb-14-09 06:10 PM   #40 
  - What brains?  Odin2005   Feb-14-09 06:13 PM   #41 
  - And let's not forget......  llmart   Feb-14-09 07:58 PM   #61 
  - Brain Drain? BRAIN DRAIN!! There's a laugh and a half.....n/t  NorthCarolina   Feb-14-09 06:16 PM   #42 
  - Fine. Looks like we sure could do well to dump these  Still Sensible   Feb-14-09 06:21 PM   #43 
  - Flee! Please flee! Go away and don't come back! We don't want their kind here. (nt)  w4rma   Feb-14-09 06:27 PM   #45 
  - Don't think their experience will be a plus on their resumes.  kiranon   Feb-14-09 06:27 PM   #46 
  - Foreign owned banks?  GoddessOfGuinness   Feb-14-09 06:30 PM   #48 
  - Most of us have noticed all the bank foreclosures lately.  murielm99   Feb-14-09 06:31 PM   #49 
  - Oh, bullshit.  Mz Pip   Feb-14-09 06:32 PM   #50 
  - don't worry- the lawyers will find a way around it...  dysfunctional press   Feb-14-09 06:33 PM   #51 
  - Not to worry, tapioca drains slowly.  tclambert   Feb-14-09 06:50 PM   #52 
  - LOL!!!  Texano78704   Feb-14-09 06:51 PM   #53 
  - "Talented" As in Talented in Running Companies in to the Ground, and  Kittycat   Feb-14-09 06:54 PM   #54 
  - Because money is the only thing that motivates people to work.  undeterred   Feb-14-09 06:55 PM   #55 
  - There's been a "brain drain" in every other industry during or because of the Bush yrs  The Hope Mobile   Feb-14-09 07:05 PM   #56 
  - You mean the kind of brains that Keynes is talking about?  mbperrin   Feb-14-09 07:08 PM   #58 
  - Wonderful quote from the economist the Corporatists love to hate!!!  Odin2005   Feb-14-09 08:54 PM   #69 
  - Stupidity got us into this mess  varelse   Feb-14-09 07:20 PM   #59 
  - Because companies really need to keep leaders that drove the company in the ground.  dbonds   Feb-14-09 07:55 PM   #60 
  - This is good.  PM Martin   Feb-14-09 08:02 PM   #62 
  - Like they were doing such a good #!%* job in the first place.  Capt13   Feb-14-09 08:05 PM   #63 
  - LOL, the only difference between the bankers and those in penitentiaries is that.........  nolabels   Feb-14-09 08:19 PM   #65 
  - Buh Bye!  Xipe Totec   Feb-14-09 08:12 PM   #64 
  - There are plenty of the finest brains  disndat   Feb-14-09 08:23 PM   #66 
  - Where I worked for so long  WoodyM   Feb-14-09 08:44 PM   #68 
  - Let those fuckers go. And good riddance. Dont let the door hit you in the ass.  OwnedByFerrets   Feb-14-09 09:14 PM   #70 
  - Don't let the door hit 'em  TXDemGal   Feb-14-09 09:34 PM   #71 
  - Awwww. What a shame.  Lugnut   Feb-14-09 09:50 PM   #72 
  - Then don't take the f`in money!  wickerwoman   Feb-14-09 10:02 PM   #73 
  - There are plenty  shellgame26   Feb-14-09 10:26 PM   #74 
  - Someone's getting a laugh here. Brain drain? More like perp drain. n/t  antimatter98   Feb-14-09 10:27 PM   #75 
  - And when we stop laughing... "BRAIN DRAIN"????  aquart   Feb-14-09 10:40 PM   #76 
  - If these jags HAD any brains, they wouldn't need a bailout. And if WE had any brains,  Jim Sagle   Feb-14-09 11:10 PM   #77 
  - Nationalize the friggin Banks  Left Coast2020   Feb-14-09 11:43 PM   #79 
  - Your OP is spot on. This is a non-issue, and not only ridiculous, but  babylonsister   Feb-14-09 11:44 PM   #80 
  - OMG HAHAHAHAHAHAHA !!!!! good one... KNR  wroberts189   Feb-14-09 11:49 PM   #81 
  - Who would be stupid enough to hire them?  burrowowl   Feb-15-09 12:05 AM   #82 
  - Thanks for the laugh!  girl gone mad   Feb-15-09 12:06 AM   #83 
  - Am I the first to say, GOOD RIDDANCE, AND WELCOME TO 'EM???  snot   Feb-15-09 12:16 AM   #84 
  - Foreign owned banks  Confusious   Feb-15-09 12:18 AM   #85 
  - They relentlessly pursued regulatory changes to maximize profit...  krispos42   Feb-15-09 01:06 AM   #87 
  - Talk about an idle threat!  onager   Feb-15-09 01:06 AM   #88 
  - Is it just me, or....  Lithos   Feb-15-09 01:20 AM   #89 
  - Just as likely it may not, who is going to hire them?  FreeStateDemocrat   Feb-15-09 03:57 AM   #91 
  - Anyone seeing anyone outside the industry saying this? Of course  BR_Parkway   Feb-15-09 05:28 AM   #92 
  - Good Point  ProfessorGAC   Feb-15-09 05:43 AM   #95 
  - So where is the down side to this? N/T  Rebellious Republican   Feb-15-09 05:34 AM   #93 
  - What Talent?  ProfessorGAC   Feb-15-09 05:42 AM   #94 
  - What brains? Like Madoff's brain? Puh! nt  morningglory   Feb-15-09 09:35 AM   #97 
  - Those finance parasites are why I refused to get all misty eyed on 9/11  mitchum   Feb-15-09 12:59 PM   #99 
  - Updated headline: "Pay Limits in Stimulus May Cause Lamebrain Drain, Industry Says  SOS   Feb-15-09 01:09 PM   #100 
  - Because there are soooo many other jobs with 30 million dollar bonuses? nt.  BlueIdaho   Feb-15-09 02:33 PM   #101 
  - K&R for the most sympathetic thread EVAH!!  DCKit   Feb-15-09 03:27 PM   #102 
  - I wish there was a way...  sutz12   Feb-15-09 03:31 PM   #103 
  - The Jokes just write themselves nowadays don't they. nt  Lost in CT   Feb-15-09 11:47 PM   #105 
  - Beautiful!  ProudDad   Feb-16-09 10:19 PM   #116 
  - Some of those brains should be drained  hyphenate   Feb-15-09 11:59 PM   #106 
  - This is a load of crap.  Turbineguy   Feb-16-09 05:13 AM   #108 
  - a day without pay  radfringe   Feb-16-09 05:23 AM   #109 
  - They say that like it is a bad thing.  harun   Feb-16-09 09:51 AM   #110 
  - These brains are criminal brains, I'll take my chances with honest morons  olddad56   Feb-16-09 10:10 AM   #112 
  - High salary does not equal high intelligence.  Waiting For Everyman   Feb-16-09 10:22 AM   #113 
  - And where, pray tell, are these "brains"  ProudDad   Feb-16-09 10:16 PM   #115 
  - And being laid off is better?  Javaman   Feb-23-09 09:44 AM   #119 
  - Don't let the door hit you in the ass on the way out, Bushies!  tom_paine   Feb-23-09 05:03 PM   #120 
  - HAHAHAHAHAHAHA HAHAHAHAHAHA HAHA111111111!!!!!!!!!!!!!!!!!  tabasco   Feb-23-09 08:41 PM   #121 
  - They were highly skilled at keeping their jobs, being dramatically overcompensated and  No Elephants   Feb-24-09 05:51 AM   #122 

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