Banking Blowhards Strike Again
Wachovia Corp. was once a great financial institution. It still has thousands of wonderful, hard-working and dedicated employees. Because tomorrow is Thanksgiving, I feel it is appropriate to give our first annual Hubris Inc. award (a half-eaten turkey carcass) to the top 10 executives at Wachovia who will be rewarded with close to $100 million in severance pay after the bank is acquired by Wells Fargo next month.
On Wachovia's website is a page titled Social Responsibility. This is a direct quote from that page:
"Wachovia is committed to being the best, most trusted and admired financial services company. We carefully consider the impact of our business activities on shareholders, customers, communities, employees, and the environment. We leverage our social, economic, and human assets to deliver business results in a way that supports fair business practices and sustainability."
Editor's comment: The only leveraging these executives did was in the sub-prime mortgage market. For their pathetic performance these 10 banking blowhards are rewarded with close to $100 million* in severance! This severance money should be put in the Wachovia employees' severance pool. Thousands of good employees have been fired while these executives have contributed to the financial mess the country is now mired in.
* Footnote: I would have gladly destroyed the capital of Wachovia for only $1 million. Wells Fargo could have saved itself $99 million!
HAPPY THANKSGIVING EVERYONE. This country is still the best in the world in spite of the Beltway Blowhards trying to screw it up and greedy, incompetent, and overpaid Banking Blowhards, who, every 20 years or so, always rise from the ashes and design new ways to destroy the financial system.
On Wachovia's website is a page titled Social Responsibility. This is a direct quote from that page:
"Wachovia is committed to being the best, most trusted and admired financial services company. We carefully consider the impact of our business activities on shareholders, customers, communities, employees, and the environment. We leverage our social, economic, and human assets to deliver business results in a way that supports fair business practices and sustainability."
Editor's comment: The only leveraging these executives did was in the sub-prime mortgage market. For their pathetic performance these 10 banking blowhards are rewarded with close to $100 million* in severance! This severance money should be put in the Wachovia employees' severance pool. Thousands of good employees have been fired while these executives have contributed to the financial mess the country is now mired in.
* Footnote: I would have gladly destroyed the capital of Wachovia for only $1 million. Wells Fargo could have saved itself $99 million!
HAPPY THANKSGIVING EVERYONE. This country is still the best in the world in spite of the Beltway Blowhards trying to screw it up and greedy, incompetent, and overpaid Banking Blowhards, who, every 20 years or so, always rise from the ashes and design new ways to destroy the financial system.
Jim -- I would have done the job for just $500K! How about that Rubin clown getting $115 million for helping blow up Citigroup. Wasn't he the genius Treasury Sec. under the Great Bill Clinton?
Sheldon
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