Friday, January 11, 2008

Wall Street powerhouses to be bailed out - by foreign governments

Chris in Paris, Is it really safe to allow some of the largest and most important banks on Wall Street to become closely tied with foreign governments? I couldn't even imagine such a possibility a few years ago but now that they have all lost billions, anything goes. It's interesting to see these previously high flying companies do a global tour with hat in hand. Only a few years ago they all had their own colonial ambitions and now, it's those same countries who are bailing them out.

In light of this desperate and pathetic groveling on the world scene, should the executives who led to the financial collapse of their respective companies give back their bonuses that were based on bogus business? It is undeniable that their business decisions were terrible and led to this situation, so why should they be left untouched by their own results? It is unimaginable to the rest of us how one could screw up so badly, yet walk away with so much. It's incredible.

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