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Joseph Stiglitz: Wall Street's Lobbying Efforts Have 'Really Paid Off'
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Joseph Stiglitz: Wall Street's Lobbying Efforts Have 'Really Paid Off'
All that money banks have spent wielding influence in Washington has "really paid off," according to Joseph Stiglitz."Not for shareholders and bondholders,”Stiglitiz told CNBC on Friday. "But for the bank managers, who have done very well in the last few years."The discrepancy between executive salaries and company performance has been afrequent point of complaintfor the Nobel Prize-winning economist and Columbia professor. And Stiglitz's harping may have some basis in reality. TheCEO pay packages of the 15 largest banksin the United States increased by 12 percent last yeardespite dismal corporate earnings reports.
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Re: Joseph Stiglitz: Wall Street's Lobbying Efforts Have 'Really Paid Off'
The doctrine of nonresistance against arbitrary power, and oppression, is absurd, slavish, and destructive of the good and happiness of mankind.
Personal failures are too important to be trusted to others.
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