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Just to keep the can of worms open a day longer: more on that big billion-dollar bonus windfall for Goldman Sachs fat cats.
I'm all for capitalism, especially the investor part. I just thought it was a little crass of the fat cats at Goldman to give themselves so much more of the billions in profits than they gave the investors.
In many cases companies hide this process by putting most of the money into the investor purse so that the money gets divided up among shareholders. Then they give the big earners and the guys and gals they want to keep big fat stock options, which allows them to cash in for millions, while it looks like the company is taking care of the shareholder first.
It's a fig leaf, but we investors appreciate it. That's why we like Jack Welch, who kept hollering that his No. 1 priority was shareholder value. Silly me. I still have my stagnant GE stock and never bought any red-hot Goldman.
But Goldman decided to be more honest, in a way, and skip the deception. They just took two-thirds of the billions in profits and dumped it into the laps of the fat cats. The fat cats probably got stock, too, but at this point who's counting.
Yes, I understand that the company has to keep the fat cats because if they are not made fatter they will go to another company which will make them fatter. I get it about fat cats. They're always with us, like the weather. Something you have to get used to.
I also understand that Goldman doesn't make anything but money. No toasters, no transmissions, so the people there are very good at making money and I'm not. So yes, I'm probably a little jealous.
But the only way little guys have a way to tap into the world of fat cats is to buy stock. And we'd like a little something left in the bowl after the fat cats lick it clean, just to keep us interested in keeping the stock.
Yes, I'm for capitalism, but please. You've got guys like John Edwards saying there's two Americas — the rich and the poor — playing the class game, which is pretty funny from a multi-millionaire fat cat trial lawyer. My point is: Why do the fat cats have to work so hard at proving him right when by and large we know he's wrong?
But you know what? Fat cats don't listen to me.
That's My Word.
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