Tarnished, yet rewarded

In a perfect world, everyone in the society will be rewarded fairly according to how much he or she has contributed to the society. However we are not living in a perfect world, which is why this is still happening:

On July 15, 2007, The New York Times published an article with the headline “The Richest of the Rich, Proud of a New Gilded Age.” The most prominently featured of the “new titans” was Sanford Weill, the former chairman of Citigroup, who insisted that he and his peers in the financial sector had earned their immense wealth through their contributions to society …

All of which explains why we should be disturbed by an article in Sunday’s Times reporting that pay at investment banks, after dipping last year, is soaring again — right back up to 2007 levels.

Why is this disturbing? Let me count the ways.

First, there’s no longer any reason to believe that the wizards of Wall Street actually contribute anything positive to society, let alone enough to justify those humongous paychecks.

TARP fund or not,  the people of the world, through their tax money in their governments, own the private financial sector already.  When the bankers are trying to justify that they need to pay top dollar to retain the best and the brightest, I just have one thing to say to them : “THEY ARE HARDLY THE BEST AND THE BRIGHTEST !!” Using public money as a backstop for to feed their “gambling addiction” isn’t a skill worth paying.

Where is the outrage ?

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~ by Clarence on April 28, 2009.

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