Legal Commentary

The Masters Of The Universe Strike Again

By Big Tent Democrat

They say there is a "brain drain" going on in Wall Street. Countering the theory that there is much in the way of brains to drain on Wall Street is the head of AIG Financial Products (via TPM):

American International Group Inc.'s financial-products unit is on track to wind down by year end, but the controversy over bonuses that led to the loss of some key people may have made the process more costly for taxpayers, the unit's head said. AIG Financial Products head Gerry Pasciucco, in his first extensive public interview since the bonus dustup last month, said 20 of the unit's 370 employees quit amid the controversy . . . Mr. Pasciucco says the controversy "hurt morale" and "stunned people such that our wind-down has slowed down." He added, "Taxpayers probably have been damaged."

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Forget for a moment the merits of Mr. Pasciucco's argument, how stupid do you have to be to give an interview where you say these things? Here's the best line though - "some had clubs ask them to resign." Oh no! They were shunned at the club? How horrible! The Masters of the Universe, ladies and gentleman. Let's all give them a trillion dollars!

Speaking for me only

Full post as published by TalkLeft on April 13, 2009 (boomark / email).