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Live Hearing With Stiglitz On Executive Compensation
Watch a live congressional hearing on executive compensation which is certain to get rather contentious as none other than vocal financial policy critic Joseph Stiglitz is present.
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Barnie just slipped in the compensation hearing that there will be a bill abolishing Freddie and Fannie in their current form.
lol, 20 minutes old on Zero Hedge, breaking news on CNBC...
Even if I wore out my welcome here in many ways, this is still the best place for news.
Still working on the "other investor" category but the breakdown isn't easy to do, I'm going to back into the China FX reserves instead, also, the "other investor" category is so old (june data.... blah!) I dislike using it although there is a way to use more data.
Just because you disagree with Tyler on a few issues is no reason for you to outlive your welcome here. Alternative viewpoints should be always welcomed and not frowned upon, in my opinion. Civilized debating is a dying art. So, keep it coming. I, for one, am looking forward to your report.
Regarding CNBC, they have an intern who refreshes ZH every 10 seconds for breaking news and then notifies their producers.
Thanks for your kind words... I've felt bad about how childish I was when I first realized the wall I was finding, but hey, just goes to show I'm nowhere near a professional stooge for the Fed :)
As for CNBC.... LOL.
"Slipped in" funny. He looks like he was out drinking all night. But thats normal for him.
Mr. Chairman.
My country once had a Finance minister with a speech impediment not unlike Barney Frank , in addition he had a tendency to waffle inanely about this and that. He used his disability to his advantage since his opponents were never quite sure what he exactly said. He is best remembered for a phrase that journalists managed to decipher which was to spend money while you have it.
He is now recognized of course as the worst finance minister in the history of Irish State but for some reason was celebrated at the time.
He was of course rewarded for his ability and was made the European commissioner for the internal market
STIGLITZ!
Will he be the reincarnated character from Inglourious Basterds and attack BF with vigour?
There was an interesting conversation on how the 51st highest paid CEO in the Country earned $1.3million US per hour.
Uhhh, wtf? That could feed a country for a month for what he earns while he takes a nap. And people still object to rethinking compensation practices in the US?
Mr. Lang taliking about "the nature of man". What an asshole. His nature was that he was born an asshole.
These representatives are obsessed by bonuses for bank employees when in many ways they have no option to pay bonuses or dividends given the fact they do not have to plough these revenues back into the capital structure of the bank.
Isn't that Grayson I see sitting just right now ?
YES !
Grayson :)
Didn't catch Grayson, would be interesting if he was there.
Right now they are talking about the "threat" of Bankers talking about going somewhere else and how, honestly, it wouldn't be a BAD thing. Seriously, I have met sooooo many MBA's and Economists telling me about how they barely passed Algebra classes (one of my girlfriends with a MA in Economics gave her business calc prof a bj to pass the class)... how these people all of a sudden justify earning 300k when a math teacher earns 30k and has quite a more difficult set of classes is ridiculous. Business/trading acumen has nothing to do with intelligence, so the claim that their compensation is based upon that criteria is ridiculous.
Seriously, would a Football player stop playing football if he earned 1mil rather than 15 million? Pshaw, half of those idiots can't spell using building blocks...
There's Grayson, he's on now.
Grayson:
"What would happen to the country if in the long run failure is rewarded and capital destruction is rewarded?"
Damn... he's lining up the real questions for Stiglitz and crew to answer... what they came to do.
"If at 10 to 1 leverage, doesn't each dollar in a bonus that goes out effectively mean that there are 10 dollars less to loan out to the public?"
"Are there any incentives to reduce compensation?"
OMG... he's asking the best damn questions.
Ended with Grayson and he basically slam dunked it.
he didn't come for nothing :)
I also liked BF saying :"mwfrf wfrf compensation mwrfdfrw"
I am not the least bit impressed with Stiglitz....
He has Bernanke written all over him....