2/09/2009

Time for minority shareholders to demand justice and accountability

I have been yelling for this to happen earlier but it all fell on deaf ears. The turkeys in Wall Street and the American corporate world have been having too good a time robbing the minority shareholders. They claimed that they were the supertalents and demand to be paid in gold. And they justified themselves with their million dollar or billion dollar profits. Then they asked the company to pay them half of the profits for their cleverness. It has been that way for many years. Now we are seeing glimpses of the so called profits that were actually fraud, doctoring of accounts. And the shareholders could not to anything about it. The sudden revelation that many are losing billions and the corporations they ran could go bankrupt were greeted with shock. For the millions and billions they made over the years, could it be enough to cover for the losses of hundreds of billions that are now being told? Would the turkeys say a word of sorry, or would they cough up the loot that they had stolen over the years? Nay. What they are now doing is to ask for public funds to bail them out. And when the funds came, again they start to pay themselves crazy. America is lucky to have Obama who is brave enough to tell them in their faces that they are a bunch of shameless and irresponsible crooks. And yes, cap their salaries to prevent the looting to go on. America does not need crooks, selling themselves as supertalents, to run their corporations. They need decent men and the minority shareholders should demand just that. The crazy days of paying the sky must stop. No more looting. Erect a few lynching platforms and hang some of them for their deceit.

11 comments:

Anonymous said...

Fraud is not the exclusive playing ground of Ang Mohs on Wall St. Have you forgotten China Aviation Oil, and more recently SUnshine Empire and Satyam. The only difference is the scale of the fraud.

redbean said...

fraud is everywhere, right. only difference is in the scale. but there are places where frauds are called something else. they even held the fraudsters in high regards.

Anonymous said...

One cannot be a crook without being professionals.

When a crook guiltlessly boasts of his expertise is accepted by the gullible, he will be highly regarded by the Latter.

And when one is found out to be crooked, the crook already had his/her fortune. His/her adorers will then feel naive and foolish but, a wee bit late.

patriot

redbean said...

ah patriot, another down to earth wisdom.

Anonymous said...

From what I have been reading on 'The Smirking Chimp' it appears that Obama's administration seems to have more of the same kind of people from Wall Street as well as people who served under his predecessor's administration, not the sort of new people with fresh ideas who will carry out his message of change.

You cannot reboot the system and expect it to work like new without removing the viruses.

Lost Citizen

redbean said...

not necessary. even if the same bunch of gangsters under bush was still there, if obama is strong enough to dictate the directionn he wants, he could go a different way.

the same thing here. if we have a new leader who abandons the profit first policy and revert to people's interest first, the same bunch of civil servants will deliver accordingly.

Anonymous said...

Obama, Bush, Clinton, they all come from privileged backgrounds, and count those people on Wall St as some of their closest friends, advisers and financers. There is no way Obama will turn his back on them. He needs them, and the financial lobby in Washington is very strong too. People will soon realise that Obama is another all huff but no puff politician.

redbean said...

that's true. the ball is in obama's court. would he do the unpleasant and unnecessary?

this is the same as our elite. we have a big community of elite. everyone is keeping his mouth shut.

see nothing, hear nothing, say nothing. pay is good.

Anonymous said...

No elite will do something that will jeopardise their position. Doesnt matter if it's Obama or Lee Kuan Yew. Those in that sort of position will work hard to protect their status and wealth, fancy election slogans, notwithstanding. And they have all the instruments of the state at their disposal to defend themselves.

Anonymous said...

Obama can dictate all he wants for 4 years or at best 8 years, but those Wall Street people in his administration have their lifetime vested interest to look after. So, what do you think they will do?

Lost Citizen

Anonymous said...

Obama have to clear the shits he inherits from Bush.

Even if he manage to clear them, not saying that he(Obama) must or will succeed, the stink will still flow around for some time.

Obama is no miracle for sure and it is not fair to expect so(too) much from him. Having said that about Obama, none of his calibre can be expected in SIN.

And yes fraud is here, there and everywhere.

patriot
patriot