Re: LOL - GM wants to fire OBY as CEO
While I hate Gov't takeovers, bad and greedy management caused
this depression as Galen used to say. Hell, look at Saloman Bros
before the bust. That management team almost killed the company.
The SEC was going to put them out of business for good for their illegal trading until Warren Buffett took over for the company. The SEC knew he meant honesty and Buffett saved the company.
Even he tried to cut the huge bonuses top management made but
they revolted and got the board to give it to them. Buffett sent
them a scathing memo that he was cutting their limo fleet after
that and he sent it from the subway which he rode to work while
top management had drivers and limos. Management revolted
vs that too and won.
Then AIG started the whole greedy mess along with Goldman and
Sachs and on top of that none of the banks that got TARP money
gave it to the customers in loans as the gov't dictated.
I'm still vs gov't takeovers despite all that but our problems are
still here because of greedy management.
But back in the old days like the Panic of 1907 it was the wealthy
that saved the banks when there was a big run of money and
banks lost millions which were like billions in those days in a couple of hours.
JP Morgan saved the economy by getting his good ole boys club
like Rockefeller and Melon and Carnegie to give their own
bailout of the banks. The GOP also got the gov't to loan some
millions also with their version of TARP money but can you see
today's wealthy like Gates, Soros and Buffett giving their
billions to save the economy?
While saving Saloman Bros before the bust, Buffett bought huge
shares of Goldman Sachs. This was not a loan but purchase of
stocks where here made millions per minute, I mean minute.
Finally, when Sachs regrouped their money via TARP they got
the SEC to force Buffett to sell his shares of Sachs. Buffett
wrote his clients that the gravey train just got derailed.
But that's the what they did back in the old days. Top management
took care of their own mess.
Last edited by AirFlacco; 09-18-2012 at 02:34 PM.
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