We don’t like to be haters. That emotion normally doesn’t do anyone any good, but how badly do the Wall Street enemies of humanity have to rip us off before we stop giving them money? Remember the scene from Animal House where Kevin Bacon is bent over in his underwear getting paddled?
“Thank you, sir, may I have another?”
Here is a choice Streetism that might have escaped your attention.
Former Merrill Lynch CEO John Thain spend $1.22 million to redecorate his office. The bill included $35,115 for a commode. He then proceeded to push through $15 billion in bonuses for his cronies, all the while knowing the company would be posting record 4th quarter losses. His actions forced new owner, Bank of America, to grovel to the US government for a $20 billion bailout. Wait a sec…now WHO is it that pays for the bailout? Oh yeah, you! Thanks, Mr. Thain.
We could fill volumes with similar case studies of corporate greed gone wild but talking about those guys kind of makes us feel dirty. The bottom line is this – why would you as an average investor trying to build a portfolio for retirement consider giving these jokers another single red cent, especially when there is another way?
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The Platinum Team
