David Dimston of Austin, Texas writes about the article in the WSJ on 9/20/08 titled, "Lobbyists Scramble to Sway Deal", the Financial Crisis.
David says, and I agree, "If this is not an example of what is wrong with the financial services-industry and D.C., I don't know what is.
I would say two things about the brokerage industry's fears that caps on salaries might hurt their ability to attract and retain executive "talent" when it is that "talent" that got us here in the first place and where is this talent going to go"?
David evidently isn't familiar with some of the top talent that eventually landed in Peoria. A lot of "top talent" pad their resumes, list endless degrees they most likely would have received automatically for being "present" and marking correct answers on "paper", and all regardless of capability. They bring friendly references, demand golden parachutes and often leave this community in worse shape than it was before they arrived.
In this financial mess or any other messes created, who is more responsible than any board of directors? More than George Bush, a John McCain or a Barack Obama. The way boards are chosen is one of the major problems in this country. Board of these companies are basically hand selected and usually become "good old boys and girls club" type of boards.
I could write a book on boards and the incompetence of many who are and have created the chaos we are seeing on Wall Street, in Congress, in our administration, our two major parties and their leadership and the direct effect we see and feel in our national and local economies and how this lack of "devils advocate" members, affects our life in general. When all members of a board always agree, that entity usually winds up in trouble. I suspect that is the major problem in our country today and is responsible for the messes we are in, not just financial.
I'll admit I was well along in life before I really started paying attention to what was happening around here and the country. It became "a wake up", Merle, and that is what keeps me blogging when I could be in a gated community around many people I really wouldn't like that well.
Always remember, their are more people not in jail for theft and fraud, who would and do steal from others when they believe the amount stolen would more than compensate them financially for imprisonment IF they might get caught.
These thieves who managed to stay under cover, most will steal away with all the questionable wealth they had already accumulated plus their golden parachutes to live in mansions and gated communities with their ilk for the rest of their morally corrupt lives.
We Americans love to be flattered and conned. Think of some people in your own community. You know some people are conning you and you love it. That is until they get caught or you can actually feel the financial damage being done to you personally.
In the upcoming election; the "changes" over the next four years may stun many of you who are being swayed by charisma and demagoguery. For most of you the changes so badly sought may be just a shift of a charismatic "talent" to another place or position.
Financial issues have diverted attention from our seeking facts and records of those who would be lead this great country. Who do we honestly believe is the leader we are seeking for change?
No entity can exist for a long time without a leader who has a great love for this country, who has a sense of community and has a record of common sense leadership. This leadership must have as great a concern for helping others at the same time demanding while helping those capable to help themselves..
W are a compassionate nation. We must not become more of a welfare nation than we are.
I note in the JS today, one prominent Democrat talking about the financial crisis and restructuring, asks "What's in it for us the working class people? It needs to be done in a way that everyone gets help, if needed."
I ask a "Clintonese" type question. What is Billy"s definition of everyone gets help, if needed"?