Monday, July 18, 2005

Ben Stein makes a good point

In a NY Times article, Ben Stein who is on various talk and financial shows made the point that Phillip Purcell was just shown the door at Morgan Stanley, a big Wall Street company, and given a $113 million severance package and his successor who is a loyal friend of his is given an estimated $32 million to take his place. Hedge fund managers are now being reported to make $350 to $500 million each per year. Stein makes the case that the system is really out of whack when the men and women like the Navy Seals who make this good life possible are paid about $1900 per month with combat pay. Here is how he puts it:

Remember that it all depends on the fighting men and women, not on the people in finance. It depends on the guys whose names you will never know, guys who come home and work - not at jobs in which helicopters ferry them to secret-deal meetings in New York or London, but at jobs in places like a car wash in Burleson, Tex., where one of the men who captured Saddam Hussein is working without complaint and with barely mentioning that he was in Iraq.

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