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    "You will not make more babies by having many guys screw the same woman"..., 2008-10-17 15:06:37 | Main | wait for the dinosaur..., 2008-10-17 18:52:18

    in praise of idelness:

    Andrew Lahde, who walked away with a small, reputable fortune short-selling mania-driven financials, praises the 0 hour day and drops out, but not before offering some hippy anarchist advice: run government like free software (can I fork this project, please?) and legalize hemp.

    Meanwhile, ground zero appears to be flourishing and awash with our money:

    Financial workers at Wall Street's top banks are to receive pay deals worth more than $70 billion, a substantial proportion of which is expected to be paid in discretionary bonuses, for their work so far this year - despite plunging the global financial system into its worst crisis since the 1929 stock market crash, the Guardian has learned.

    The sums that continue to be spent by Wall Street firms on payroll, payoffs and, most controversially, bonuses appear to bear no relation to the losses incurred by investors in the banks. Shares in Citigroup and Goldman Sachs have declined by more than 45% since the start of the year. Merrill Lynch and Morgan Stanley have fallen by more than 60%. JP MorganChase fell 6.4% and Lehman Brothers has collapsed.

    At one point last week the Morgan Stanley $10.7bn pay pot for the year to date was greater than the entire stock market value of the business. In effect, staff, on receiving their remuneration, could club together and buy the bank.

    At Goldman Sachs the figure was $11.4bn, Morgan Stanley $10.73bn, JP Morgan $6.53bn and Merrill Lynch $11.7bn.

    So much for recapitalizing the banks on Tuesday, huh?


:: posted by buermann @ 2008-10-17 15:34:01 CST | link





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