10-31-2007, 06:06 PM
Quote: The thing that annoys me most is while I had a non-risky loan and paid on time and have a good credit rating, I'm still going to have to show all kinds of proof when I purchase my next home because of the crap that these risky lenders caused.
Well that is still one of the minor problems. If you are good for a credit, you will get it.
Some other quite disturbing stuff about how the world of big money is working.
The chairman of the board of Merill Lynch decided to leave after some critisism, because the bank lost the pretty amount of 2.24 billion $ in 3 months.
So this guy is a complete screwup........but now that he is leaving he gets the nice amount of 161.5 million dollars in compensation (and some extra benefits like 3 years an office with an assistant). The whole deal and the search for a new chairman costs Merill Lynch around a quarter of a billion dollars.
Here is the point: these people when negotiating contracts settle these things beforehand....so it is all legal and fair that this money is made.
However the most disturbing thing, in my opinion, is that such a company that does not actually contribute to a growing economy directly, but is just pumping around money for a huge profit, is able to pay these amounts to people.
If you are a bright young person these days, what you do is becoming an investment banker, instead of doing something useful, like inventing better cares, microchips or a cure against cancer. If you are in it for the money, you are stupid not to become an investment banker.
So this was just besides the point that investment banks and hedge funds are ruining our economy....:unsure: