Filed under: business, life, Rants, stories, work | Tags: lehman bothers, merchant banks, merril lynch, sub prime banking, toxic loans, us banking
For years, we ordinary people have relied on merchant banks to protect our pensions.
We’ve assumed that the preposterously rich executives who take home bonuses that would feed whole working class families for YEARS could do their jobs properly. We assumed they could follow economic indicators and act accordingly. We assumed that the 150 years’ experience of Lehman’s firm (and others like them) would result in effective decision making.
And we made all these assumptions because the people who work for these organisations all earn immoral amounts of money.
We were, of course, wrong in these assumptions.
The folding of Lehmans and the similiar demise of Merrill Lynch on the same day today is a disgusting slight on the attitude that wealth, ridiculous wealth, creates in our society.
I feel sorry for the support staff who were merely doing their jobs. The fat cats (around 25,000 of them) will simply lick their wounds and wait for the cream to come along again.
Your and my pension?