A Ledgie wants to know: Economy Edition

[strandinthewind]

Originally Posted by HejiraNYC

See, it's shizz like this that makes me batshizz about the unmitigated corporate greed at BS:

http://www.observer.com/2008/bear-st...za-then-bridge

Bear Stearns' Cayne Takes The Plaza, Then Bridge
by Tom Acitelli | March 17, 2008 | Tags: Real Estatebear stearnsJames CayneThe Plaza

Bear Stearns chairman James Cayne was in Detroit at the start of the weekend that saw the tanking of his venerable investment bank. Why? Mr. Cayne was competing in the North American Bridge Championship, according to reports.

Also last week, as the perfect storm gathered, Mr. Cayne closed on a $25 million condo at the revamped Plaza.

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If there is any justice in the world, the SEC or the Fed or somebody should be going after the personal assets of these criminals. Government Repo Sale at The Plaza! Besides, who needs The Plaza when there is a luxury suite waiting for him at Rykers Island.

Justice requires implementing the law. Can you prove he did anything illegal? If so, then he should be prosecuted. But, buying a condo at the new Plaza is not against the law and neither is taking a vacation to be in bridge tournament, though his timing sucks.

Again, it seems you are equating a tanking company to illegality. There may be illegal acts here, but they have yet to be proven.

I know it sounds harsh, but you building a fancy house with lanscaping and a swimming pool in a time when thousands are losing their houses and jobs also likely would appear to many less fortunates as a bad thing and that you certainly must have done something wrong to get that. I know you did not, but the appearance would be there for them to assume that. So, I do not begrudge anyone for making enough money to build a pool or buy a $25 million condo at The Plaza. Again, if they broke the law, then justice should prevail.

I readily agree that in many cases illegal acts are performed. But, as of now, there is no evidence of that. Should the SEC or some other entitity be investigating - yes, they should. And, they often get the bad guys as they did in Enron. And, they take their assets, the ones that have not been legally removed from their possession, which actually is very hard to do believe it or not.

By the way, this guy likely lost about a billion dollars or at least several hundred million dollars yesterday. So, it is not like he is without harm as well Of course, many are loathe to admit that becuase he already is a millionaire and people just cannot help but hate them and think that anything over some arbitrary number of wealth is too much.