Wall Streeters and the Crisis

I saw Jim Cramer (pictured right) on the Today Show where he acknowledged his apology for recommending that viewers of his "Mad Money" TV show buy Wachovia stock just two weeks ago - a recommendation that he acknowledged was spurred by the appearance of his longtime friend and former boss, Wachovia CEO Bob Steel, on his program. Mr. Cramer has been an advocate of the 700 billion dollar US government bailout of Wall Street.

Yesterday The Motley Fool reported this:

WaMu's new CEO, Alan Fishman, might go down as the ultimate showcase of executive greed if he doesn't do the right thing in the next few days. After just 432 hours on the job -- during which time he presided over the complete collapse of the company -- Fishman stands to collect more than $19 million in pay.

That's right: $19 million for 18 days work, or an annualized rate of $385 million. $1.05 million per day. $44,000 per hour. More money than most people will make in several lifetimes, all to watch one of America's largest banks spiral into failure.
I don't know about you but when I read this stuff I think that people like Treasury Secretary Hank Paulson (one time CEO of Goldman Sachs) just don't get it and are not the right people to be formulating a fix to this Wall Street crisis.

I think that we need Wall Street outsiders like Dave Ramsey structuring and approving this bailout legislation.. we just don't need Wall Streeters trying to fix the problems that they created.


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