10/07/2008

Wall Street's Perverse Pay Structure

In Ho Kwon Ping's commentary in the Today paper, he hit out at the perverse pay structure in Wall Street. How could people's daily wages be in the millions, in US$?!!! It was lunacy for many years over. And everyone was praising the great reward system and the great talents that deserved to be paid that way. No qualms, no guilt, only envy. The Wall Street model was actually our ideal model, the model that we modelled ourselves and wanted to be. It had caused a lot of grief among our supertalents when comparing the pittance they were getting with their peers in talents in Wall Street. Now that the truth is out, when talents were actually cheats, maybe we should come down to earth and look at reality against lunacy. Maybe our supertalents will now find themselves happier, that what happened in Wall Streets was a great hallucination that is turning into a nightmare. Ho Kwon Ping should shout louder, time to change the reward system and pay people their worth as human beans, and not lunatics.

11 comments:

Anonymous said...

Yeah, now that this is happenning, people think it is pure lunacy to pay such salaries. What were they saying before all this happened? Just the opposite.

Wait till it's over, and the lunacy will start all over again. Greed, redbean, greed. Humans are born with this trait. It is impossible to get rid of greed. Greed is now a virtue after years and years of glorification.

Matilah_Singapura said...

I won't pay too much attention to what jealous people say.

To be envious of people earning squillions is common. People get pissed off when they discover that someone else is making more money than them... somehow it is "unfair".

All salaries in the private sector are NEGOTIATED. Unless you're are working for the govt, how much you earn and how you earn it (assuming it is legal) is no one else's business, unless of course they have an FINANCIAL interest in the enterprise you are being paid to work in.

redbean said...

i have the the kpkb here on this issue for so long and always got walloped for whining, and told to shut up.

nice to know that kevin rudd is also talking about greed. in fact everyone is talking about greed now.

it is getting apparent that the grotesque payment in wall street is due a lot to fraud.

Matilah_Singapura said...

The best thing about Rudd is that he's not much of an "action man". Howard was pure action -- mostly swift, ruthless and totally without concern fro the consequences. It was this gung-ho arrogant attitude that led to one of the most successful govt's in Aust political-economic history to LOSE an election.

Although he is a more of a socialist than Howard was, I like Rudd better. He's busy playing "global statesman" flying on his own 747 anywhere he chooses. My kinda guy. If I were PM, and had my own jetliner, you would be seeing too much of me, unless you're at the same beach I was :)

In the mean time, it's havoc down under. Labour govts in today's world are not as "on" as conservative govts. Labour govts are normally staffed by academics who are lazy by nature, coming from a culture of tenure from state-academia.

Conservative politicians OTOH usually come from self-made business backgrounds so they are used to working hard and getting things done.

Frankly, I don't like too much govt activity. The more inefficient, the better -- because they don't have the resources to "kachau" you, and you can you please, being governed by only your own moral standards.

So I definitely support Rudd. Plus being a superb "tuang-king", he smiles and says all the right things. For instance: it is now POPULAR to bash the greedy capitalists. You win the hearts and minds of most people (most of them ne'er-do-wells), they love you... and you can go and tuang.

Anonymous said...

So a 'prime tourist' is your kind of guy, eh? It's not as if he's accomplishing much (or even know what is going on) - but clever at hogging the media spotlight, while sleeping at five star hotel suites at taxpayers' expense.

Rudd has no guts and is all fluff, man. And as a socialist he likes EXPANDING state powers and interfere with the natural workings of the economy.

I wonder if Howard is feeling vaguely smug - he was dragged out before it started to pour.

Matilah_Singapura said...

> as a socialist he likes EXPANDING state powers and interfere with the natural workings of the economy. <

I'd like to bed Angie Jolie, but whether or not I can do it is quite a different matter.

So far Rudd has interfered less than Howard has. Howard, a so-called "conservative liberal", was supposed to stand for minimal govt power, low taxes and more freedom.

OK, he cut the taxes. 1 out of 3. Better than nothing I suppose.

(I'm no fan of Howard, although I do consider myself a classical liberal)

Anonymous said...

What I don't get is this, we human bean still don't understand the illusion. We don't get to take the $$ to paradise or heaven when we are dead.

Anonymous said...

Anon 12.32 is right. Life is an illusion. An illusion in believing that what we accumulate in this world is ours to take along. Not so, though such accumulation may afford the accumulator to enjoy a better lifestyle. But that does not equate to unsatiable greed like the wall street monguls. The final stage of life is still just ashes and dust, nothing else.

Anonymous said...

Redbean;

like to tell You that Perverse Pay Structure is not confine to Wall Street.

It is happening here in your front yard too.

I suppose some do equate a few filthy richs to mean the countries they live in are as rich as well.

redbean said...

we should respect those who are earning their keeps and become rich or very rich. they deserve every cent they earned.

as for those who just take, it is a different matter. then there are those like in wall streets who cooked the books to make a killing.

Matilah_Singapura said...

Folks,

If life is an an illusion, then that is all the more reason to treat it as a jammin' fun GAME.

People take life far too seriously, and that is sad because they miss out on the fun life as to offer... but you have to bring enough of the right effort and attitude to it.

When you choose an action, you do you because you believe it, but to believe it is to think it... but to think it is to believe it first... and so on.

Sooner or later you know thinking like this will cause you enormous suffering, and tired of it all it, you just say "fuck it all", "How do I want to spend this time before my being comes to a tragic end? Death -- it's as real as it gets.

Perhaps you realise then that worrying about shit you cannot control (and it is a ALOT!), and that there is SO LITTLE you can control... that it is almost not worth worrying about. Plus the fact that most people running all over the place behave out of fear alot of the time... and thus if you follow their opinions, you are likely to harm yourself :)

So what to do? Have a good time being happy most of the time. There is always some tragedy or disaster in the world. You can treat is as a "divine sign" of either retribution or the the foreboding of a greater evil yet to come.

I treat it as ENTERTAINMENT! You might as well be enthralled by the misfortunes of others, shit, they sacrificed for your enjoyment! And my sole aim in my physical life is to have as much sex as possible before I die. I believe that being in a happy state enhances the libido :-)