Before I get to my long awaited pick, I have to vent, for cathartic reasons. Not that I am going to say anything that the rest of us have not thought, and that every columnist has not already written, but WHY AM I PUTTING MY TAX DOLLARS TOWARD $35K TOILETS?
What is with these bozos that had to go hat in hand to the government and ask for BILLIONS, and then they go spend the money on $50M jets, $40K chairs and $35K antique commodes. Not to mention Billions in bonuses to keep their ‘best’ people. Um, weren’t these the Best and the Brightest that resulted in $15B loss at Merrill, and a request for TARP funds? Seriously, was Robert McNamara running the place?
But hey, I understand. The world is in economic meltdown, Wall Street is shedding jobs by the thousands, but you need to keep your best people as these guys might have left and gone….WHERE? This would be the same as GM paying bonuses for fear their “Brightest” go to Chrysler. C’mon.
And what pains me more, as I expect Wall Street Bankers to be tone deaf (see below), is the already tremendous LACK of oversight of Congress. Not that this should be a surprise, but did they ask for oversight and/or audit rights? You think Goldman Sachs was going to pay huge bonuses without Buffett’s approval, since he gave them $5B LARGE! Congress is full of lawyers — aren’t they supposed to be trained negotiators? No wonder Ahmadinejad and Bin Laden run circles around us.
My favorite part is how they are going to investigate if TARP funds were used to pay the bonuses. Listen Reid/Pelosi/ Geithner, if I give a crack addict $100, then someone else gives him $100, it does not really matter whether he used “my” money to buy crack; I enabled it.
And in another ironic twist, my Rock Center correspondent pointed out to me that the loans given to Pfizer to buy Wyeth for $70B will result in the combined company shedding 20k jobs. Well, I am really happy about that use of my tax funds as well.
Returning to my Banker behavior comment above: I went to a reasonable business school, when Consulting and Banking were hot (and when anyone who went to Yahoo because they could not get a ‘real’ job ended up 100x as rich as us). The rationale for going into consulting was always a combination of:
- I don’t know what I want to do
- I like the idea of helping companies
- The pay is not bad
We at least gave lip service to #2. Conversely, the Investment Banker argument usually went like this:
- I will make a f*ing ton of money
Not once do I remember hearing that “providing access to funds to streamline our capitalist engine, and get small companies off the ground, and large companies to scale so that they could compete on a global level” as a rationale. As a guideline, not a rule, they were usually the more shallow and avaricious members of the class — like the High School Football QB that needed to stay popular.
So that is why I can see them buying ridiculously priced curtain rods. But that brings to mind another question: Who thinks of creating this stuff? Really, you are Kohler, or American Standard, or some bizarro SoHo artesan, and you think that what the world needs is a $35K toilet?
Hey, as we get richer, I can see our tastes changing — buy a $5K watch, a $250K car, a $5M plane. Even a $6K handbag maybe. While I am not certain I could ever have enough money to feel that the above was worth the price — except for the Aston Martin DB9
— I can understand how others would. But how warped are you to need a $35K toilet? Does Thain do that much reading?
I am sickened, but not surprised, that he would spend his (firm’s) money on these things, but I am more disturbed that these products even exist. That, my friends, is my, it is hoped, unique take!
Now the Cards have proven us all wrong all along, but the Steelers seem more balanced. Arizona scores 4 times, but it is 3 FGs; whereas, Pitt finds the end zone 3 times and adds a FG –
Steelers 24
Arizona 16