Noteworthy: Wall Street bonuses totaled $18.4Bn in 2008. Intel's 2008 net income? $5.3Bn. - NOTE: Intel is the largest supplier of microprocessors in the world, with somewhere around 75%-80% market-share. They have cash reserves somewhere in the neighborhood of $12Bn. In one of Wall Street's worst years, they paid bonuses three (3) times Intel's net income! What's wrong with this picture? Note: Intel makes THINGS. You can hold a microprocessor in your hand. The things Intel makes - microprocessors - are in your desktop PC, your notebook PC, your smart cellphone, your iPod. Wall Street financial geniuses make 'paper'... or, more recently, vapor-ware - fancy financial instruments that somehow represent money, but are not transparently identifiable with tangible things. They exist only to create the illusion of wealth - they are not in themselves wealth. Never forget!The financial wizards are NOT job creators - they create NOTHING, which somehow masquerades as "wealth".
Wednesday, November 11, 2015
Repost, somewhat dated now, from 10 Jan 2009
The GOP presidential hopefuls all kowtow to Wall Street. Here's a repost from 2009... (It's sad that it still seems relevant, going on 7 years later...)