Consumers are too stupid to make good choices

[Hammerskjold]

Stocks were trading at 1000x earnings, with no possible way to become solvent in my lifetime. So, while I pity the people who were swindled and ended up with the worthless paper, it was their own fault as well.

I was thinking more about the employees (not investors) who were told by Enron it was ok and will continue to be ok, while the some of the thieves at the top were preparing to bail for themselves. Employees who had no part with the funny business.

Ah, yes, the CEO parachutes. Well, these days with the legal responsibilities of signing 10Q's and risking going to jail if they are wrong I can understand the six digit parachutes. You can give Madonna a billion dollars for singing "Like a Virgin", but you don't understand giving a CEO a few million for running a billion dollar company and employing 10,000 people?

I understand it alright thanks, but since you brought out the sports analogy. I agree in saying someone playing in the big leagues with big stakes, earns them the right to get the big pay. However that wasn't what I was talking about.

What I was talking about is what happens when a CEO screws up royally say out of stupid greed. A company worth a billion or so and employing 10,000 people, are exactly the reasons why I think serious legal responsibilities for these captains of industry, and the industry itself is a good idea. To me Enron is not just about accounting problems, it's also about an accountability problem.

If I get caught with my hand in the cookie jar, I don't expect ice cream for punishment. I'm not talking about a case where I accidentally knocked over the jar due to butterfingers. Both are damaging, but one is done with intent and to me, erodes more confidence in the system.

Look, I actually think enlightened greed can be a powerful motivator, and properly harnessed can be a good thing. Ultra greed that approaches supervillainy level on the other hand, is to me simply bad business, and bad policy. That goes for both the free market, and government IMO.


Anyway, my money is still on FOX for 'Ow My Balls', simply because I think FOX has comedy in it's blood, intended or not. Though E! would probably be the one that morphs into the 'Batin Network.