If you read my blog or you know me personally you will know I have been critical of Wall Street for a number of years. I formed this opinion a few years back. I don't even remember the manufacturer today but I remember the issue well. The company had just had a great expansion, increased domestic and export sales, created a large amount of new high paying jobs and had just reported the single best quarterly results in the history of the company. What happened to their stock? It fell 23% because it did not meet analyst expectations. WHAT I ASKED? How could this be?
My statement to this day is you can't run a business with sound principles if you are constantly chasing nothing but massive profit growth to meet analyst expectations. While I know there are probably some really great analysts out there but...my impression is a bunch of over paid 28 year old snot nosed MBA's that have never managed people, had to close or make deal that was good for all or had to make payroll on Friday? Not fair? Maybe but the results of late speak for themselves.
How many more poor little rich folks are we going to bail out? Ya, I know the current CEO of AIG did take a 48% pay cut this year down to a hard to get by on $12 million.....
Well folks I think the problems on Wall Street are still coming fast down the train tracks.
So I have now seen the our government bail out company after company to the tune of over $300 Billion with my wallet. This from the same gang that says they can't afford to fund IDEA to the amount they promised in 1975 when they passed the law to include students with disabilities in public school.
Well gang, kiss your kids and hang on for the ride.