A Photo Haiku: Wall Street Battered, Industry Bailouts Fail and Greedy Corporate CEOs Get Richer
source: http://www.propeller.com/story/2008/11/21/a-photo-haiku-wall-street-battered-bailouts-fail-a...
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Yesterday, The New York Times, Washington Post, Los Angeles Times, and Wall Street Journal all led with front page stories about yet another horrible day for stocks that sent one clear message: Investors are freaked out. Another grim milestone was reached yesterday as the broad Standard & Poor's 500-stock index plunged 6.7 percent and reached its lowest level since 1997. The Congressional bailouts have failed miserably. The WSJ pointed out that if the index were to finish the year with yesterday's numbers, it would mark "the worst annual percentage drop in its 80-year history."And today's not looking any better!!
Now in Japan, the CEOs of failed and bankrupt banks and corporations take shame seriously. When Japanese CEOs make mistakes, they're expected to make a big show of tearily flogging themselves in public (figuratively). But what's going on here in America?
American corporate CEOs get to screw up as bad as they want and walk away with millions, with nary a tear nor even a nice tip to the bellhop on the way out the door. They problem is that in this country, CEOs are only too happy to trade the scorn of the public for a pile of money.
This article includes a number of great photos and two very darkly satirical videos.
Now in Japan, the CEOs of failed and bankrupt banks and corporations take shame seriously. When Japanese CEOs make mistakes, they're expected to make a big show of tearily flogging themselves in public (figuratively). But what's going on here in America?
American corporate CEOs get to screw up as bad as they want and walk away with millions, with nary a tear nor even a nice tip to the bellhop on the way out the door. They problem is that in this country, CEOs are only too happy to trade the scorn of the public for a pile of money.
This article includes a number of great photos and two very darkly satirical videos.
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