Comments for Andrew Ross Sorkin Sheds Tears for Socially Minded Wall Street Chieftains at http://www.cepr.net , comment 1 to 8 out of 8 comments http://www.cepr.net Wed, 22 May 2013 15:00:32 +0100 FeedCreator 1.7.3 http://www.cepr.net/index.php/blogs/beat-the-press/andrew-ross-sorkin-sheds-tears-for-socially-minded-wall-street-chieftains#comment-19638 According to the Wall Street Journal, remember you need to pay millions to get the talented to work on wall street and create cool things like "synergies." - Jay Tue, 16 Oct 2012 17:43:12 +0100 http://www.cepr.net/index.php/blogs/beat-the-press/andrew-ross-sorkin-sheds-tears-for-socially-minded-wall-street-chieftains#comment-19637 "If CEOs of our largest banks do not understand such simple concepts (as thinking about their debt when buying out a bank) perhaps the remedy is remedial education." - T.M. Scruggs Tue, 16 Oct 2012 13:09:58 +0100 http://www.cepr.net/index.php/blogs/beat-the-press/andrew-ross-sorkin-sheds-tears-for-socially-minded-wall-street-chieftains#comment-19634 The funniest aspect of this CEO twostep is that when their corporations are making money they tell us they are geniuses from the most exclusive universities...as soon as they are looking at some litigation directed at them they become Morons with gross memory lapses. - Donald Pretari Tue, 16 Oct 2012 08:15:19 +0100 http://www.cepr.net/index.php/blogs/beat-the-press/andrew-ross-sorkin-sheds-tears-for-socially-minded-wall-street-chieftains#comment-19632 I just noticed that one Andrew Ross Sorkin contributed to the article detailing how Wells Fargo got a huge taxpayer subsidy to acquire Wachovia. So Sorkin doesn't need to read his own paper about this since he helped write the article. http://www.nytimes.com/2008/10/04/business/04bank.html - Robert Salzberg Tue, 16 Oct 2012 04:25:45 +0100 http://www.cepr.net/index.php/blogs/beat-the-press/andrew-ross-sorkin-sheds-tears-for-socially-minded-wall-street-chieftains#comment-19630 Here's a link to the NYT article about the sudden shady deal to buy Wachovia. http://www.nytimes.com/2008/10/04/business/04bank.html - Robert Salzberg Tue, 16 Oct 2012 03:57:06 +0100 http://www.cepr.net/index.php/blogs/beat-the-press/andrew-ross-sorkin-sheds-tears-for-socially-minded-wall-street-chieftains#comment-19629 The Wells Fargo Rule is why Wells Fargo suddenly outbid Citi for acquisition of Wachovia in 2008. The government, through the IRS, allowed banks who acquired troubled banks to write off all the loses right away instead of limiting them to a billion a year, saving Wells Fargo an estimated 20 billion in taxes. In the end, Wells Fargo, Citi and other big banks netted around a hundred billion in write-offs which more than makes up for the lawsuits discussed in the article. The absence of any discussion of the Wells Fargo Rule in Sorkin's article is a blatant error of omission. http://ctj.org/ctjinthenews/2011/11/the_street_how_wells_fargo_won_the_tax-dodging_trophy.php - Robert Salzberg Tue, 16 Oct 2012 03:35:10 +0100 http://www.cepr.net/index.php/blogs/beat-the-press/andrew-ross-sorkin-sheds-tears-for-socially-minded-wall-street-chieftains#comment-19628 Geez, is there any group of bigger WATBs than the bank CEOs? - Richard Tue, 16 Oct 2012 02:26:34 +0100 http://www.cepr.net/index.php/blogs/beat-the-press/andrew-ross-sorkin-sheds-tears-for-socially-minded-wall-street-chieftains#comment-19626 Another slur by Baker against Makers painting them as Takers. Sorkin obviously understands that CEOs in the financial sector are deeply religious and required to abide by the Good Samaritin Creed of Trickle Down as dictated in the biblical passages below, embellished as necessary to paint Makers as the Saints they are to all who fall before them on their economic knees for mercy. The Bible teaches that Makers do not discriminate or show favoritism to fallen competitors. (Acts 10:34). Every competitor is a unique creation of His Monopoly Maker, and He loves each one. (John 3:16; 2 Peter 3:9). Rich and poor have this in common, The Lord is Monopoly Maker of all Makers below Him and Competitive Taker of none. (Proverbs 22:2). The Bible gives strict warnings against abusing one's monopoly maker power to take advantage of the poor and downtrodden competitors who are equal in the eyes of the Lord Maker: He who oppresses the poor and fallen competitors with forced bankruptcy shows contempt for the sacred role of Maker, but whoever so trickles on them with buyouts and handouts to preserve their role as The Taken honors that role. (Proverbs 14:31). - Last Mover Tue, 16 Oct 2012 01:46:42 +0100