Sad. Really sad. The WSJ reports: “Many Wall Street chief executives took a big pay cut for 2009. But their real value may have been in deflecting attention from their troops—who enjoyed the largest collective payday on record. Across Wall Street, leading firms paid out $140 billion in compensation and benefits, the highest number in history,
Paul Volcker said two things on Fareed Zakaria’s GPS show on CNN recently: (1) Deficit reduction is critical for America (2) We need engineers, not financial engineers. You know my point of view on the speculator versus value creator issue. I consider it Capitalism’s Fundamental Flaw that speculators make so much money while value creators