Tag Archives: Corzine

Our Reckless Meritocracy – NYTimes.com

5 Nov

What you see in today’s Republican primary campaign is a reaction to exactly these kinds of follies — a revolt against the ruling class that our meritocracy has forged, and a search for outsiders with thinner résumés but better instincts.

But from Michele Bachmann to Herman Cain, the outsiders haven’t risen to the challenge. It will do America no good to replace the arrogant with the ignorant, the overconfident with the incompetent.

via Our Reckless Meritocracy – NYTimes.com.

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Corzine Crashes Like It’s 2008 – NYTimes.com

1 Nov

Or, How the 1% takes care of NUMBER ONE

The idea that Corzine, who single-handedly destroyed MF Global Holdings, was in a position to command so much as a penny in severance is horrifying. It suggests two things. The first is the extent to which “heads-I-win-tails-you-lose” remains the operative concept for Wall Street compensation. The second is that one’s politics doesn’t much matter when it comes to lining one’s pockets. Corzine is an avowed liberal who has decried income inequality and Wall Street pay — but right up until the end, he had his hand out for millions he didn’t deserve.

He ran the firm like it was only about the payday:

When I read MF Global Finance’s second-quarter results, though, what popped out at me was its compensation expenses: 64 percent of revenues went to compensation. In any industry but Wall Street, that would be obscene. Indeed, in a talk he gave at Princeton last year, Corzine said that he’d been “arguing about compensation sins of Wall Street” for decades. Not enough to actually do anything about it, though, once he was back in charge of a firm.

via Corzine Crashes Like It’s 2008 – NYTimes.com.