Why Are Bankers Like Lemmings Over The Cliff?

•  
  wittsworld11/09/07 Report as spam
  1

  Blame it on the greedy and stupid owners / shareholders

  It all starts with the owners/investors.
  
  They often want fast, easy money and everything is set up to pursue this end: wimpy boards, dodgy executives, a chorus of yes-men, and an army of middle managers and worker-bees who do what they?re told and hope that they?ll keep their jobs when everything blows up.
  
  On top of this, you have various ?protections? that ensure that the most guilty parties are not punished for their stupidity. Look at Stan O?neal's $160M golden parachute.
  
  And Wall Street is more than happy to make a commission on everything.
  
  Quality, patience and hard work do pay off. Look at Warren Buffett, Berkshire and their companies.
  
  But in business, like government, the owners (citizens) get what they ask for, whether they realize it or not. Over-promising is what gets you the gig, even if there are enormous problems to clean up down the road.
  
  So as a manager, would you rather be right, or very well-paid?
  
  When there?s a market for quality management and a long-term perspective, there are plenty of people who are ready to step up. Starting with me.
  
  
  "It requires wisdom to understand wisdom: the music is nothing if the audience is deaf." -- Walter Lippman

•  
  wemmers11/10/07 Report as spam
  2

  RE: Why Are Bankers Like Lemmings Over The Cliff?

  What if those who receive the "commission checks" for making these deals had to "repay" their checks if the deal went bad? Would this encourage them to look beyond "the moment" of getting their greed satisfied?