One of the benefits of my own blog is the forum for the occasional rant. The current public outrage over troubled insurance giant AIG paying out $165 million in executive bonuses after receiving billions in bailout funds from the Obama stimulus package provides some inspiration.
Our ailing Canadian economy is a direct result of the financial credit crisis in the United States, so we can’t help but shake our heads when stories of this type emerge. The average Canadian businessperson, watching the evening news and seeing all this bailout money going to the big players has to wonder who will be lining up in Ottawa or Washington next for a similar deal. “Where is my bailout?” they ask.
When the average businessperson is working longer hours to make less, laying off employees, borrowing money from family and friends because the bank won’t return his calls, re-mortgaging the house when the banks do call, filing the separation papers because the spouse has had enough, and missing yet another kids soccer game because mommy or daddy has to work, you have to ask yourself, “What will it take to let the big players feel the same pain as the little guy?”
Don’t worry, I have a plan. First, I will fly my private jet to Ottawa to speak directly to members of parliament and ask for some money. Woops, I just realized that I don’t own a private jet. Perhaps go first class on a commercial flight? Maybe the train? I could walk, but since I would have no prayer of receiving anything regardless, it might be a better use of time to pray that somebody actually gets fired—or better still, shot—for the mismanagement of companies like General Motors, AIG, and Citigroup. Not that I am promoting death for these executives, but a little pain please. Yes, just enough pain to have them whimpering for their “mommas” like the spineless weasels they are.
With great power comes great responsibility. If you fool with the masses, then you should feel the pain, as a result of your actions.
We welcome your comments
Bruce, you are living dangerously when you compare AIG executives to weasels. I am not a lawyer but are you not concerned about a slander lawsuit? There may be a pack of weasels out there very upset with you.
I knew it! First the politicians saying: “Not my problem. They are greedy and dishonest”. I thought they were pointing inwards. Then, the President, my hero, says he is angry.” Then 77 financial leaders take their Retainance Bonuses and leave the firm. Then, Fannie and Freddie, throw themselves on the bed to make money. Then, everyone points a finger at Tim and accuses HIM of incompetence.
Now. Bruce points a finger at the greedy, dishonest, whining,weasal abusing, financial community and threatens an uprising of the populous! Just in time, real estate is kind of slow right now so I am manufacturing ptichforks and machettes.
I thought you did a good job Bruce with this blog and I agree with a lot of what your saying with regards to the average business person working harder and longer hours to survive and that our ailing Canadian economy is a result of the Fiasco. The economy has been putting strains of many families and of course relationships of those focused on worries.
The only thing I didn’t agree with was the fact that you lumped Citigroup
in with failing companies like GM & AIG when in fact Citigroup is a successful Multi-trillion dollar company. I’d loved to hear your thought further on that and why you included them in with mismanagement.
John, I listed Citigroup as a mismanaged company due to the severe drop in stock price. I believe the stock was worth about $55.00 in 2007 and has traded as low as $2.64 this year. The marketplace has given their opinion on Citigroup’s performance.
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Bruce, I love the blog. I’m looking forward to reading more of your insights on the economy and things related. I’m happy to be invested in real-estate and not stocks these days. Chat soon!
Due to an illness unfortunately we went into arrears on our mortgage, and after recuperation needed to borrow money to get back onto an even keel. I tried my bank first to find that they were not very sympathetic to my cause, I then learnt a very important lesson if you have any sort of bad credit history you are far better to go through a reputable broker. They will listen to you as a person and help you by finding the right lender for you instead of trying yourself and risking many rejections until you find the right person to speak to.
The moral of this story is be guided by people who know what they are doing