It's really clear that management, from Wall Street to Detroit, are a pack of idiots. Just like we were told by that hedge fund trader who wrote a "see ya later suckers" letter before he retired, saying:
"The low-hanging fruit, ie idiots whose parents paid for prep school, Yale and then the Harvard MBA, was there for the taking," he wrote. "These people who were (often) truly not worthy of the education they received (or supposedly received) rose to the top of companies such as AIG, Bear Stearns and Lehman Brothers and all levels of our government," he said.This is who is running GM and AIG.
"All of this behaviour supporting the aristocracy only ended up making it easier for me to find people stupid enough to take the other side of my trades.
What kind of imbecile travels to D.C. to ask for a bail-out in a private leer jet and then is dumb enough to not raise their hand when asked if they would sell them. You lose nothing by raising your hand, you can always just fly commercial back for the better optics and none's the wiser. Then you don't look like a fucking wanker on national television. But we know that what they were really thinking was "bugger off". They believed that with their million dollar salaries and multi-million dollar severance packages this turmoil will never touch them. I think the are wrong. This goes for Paulson too, he shows up in congress with his "plan" of hand me $700 billion and no oversight. He really expected them to do it right then. (and the idiots on the hill pretty much did!). The guy spends months working on a "plan" and that's what he comes up with, don't they even have interns over at treasury? Maybe they could have worked on a plan while Paulson was a Lawry's for the prime rib lunch.
There is a reckoning coming for these clowns. I don't know what kind it will be but they won't be just moving on to their next gig at the Fortune 100 Roulette Wheel.
