Numbers without Meaning

I’ve been avoiding the furor over bailout spending and executive payouts for 2 reasons, previous coverage and exhaustion.  After dedicating much of this space to TARP earlier in the year, I was pleased to see the media push the issue into the spotlight.  The story is now ubiquitous, cavernous, incessant, and, despite my contempt for corruption, I’ve grown weary.  But the story below has blown my mind and made the wound fresh again.

Apparently Goldman Sachs is planning to return its TARP funds by mid-April.  The move is not the result of any newfound stability within the operation.  Instead, it is a means to avoid public scorn for being a corrupt, inept, and disorganized institution completely out of step with reality.  Rather than acknowledge nationwide frustration with a company that saw its net-worth plummet into oblivion while at the same time setting a record for executive compensation, Goldman Sachs hopes to obscure itself from its role in sinking the country by giving back the $10 billion in TARP funds that were absolutely essential for their survival just a few months ago.  By giving the money back, the bank hopes to escape from the public relations disaster.  And they are not alone, JP Morgan Chase, who plan to spend $138 million on two new corporate jets and a luxury airport hangar, also plan to return their TARP funds to the government.  Once they do, they’ll go ahead and finish their air travel upgrade, free of any public dissention.  After all, Jaime Dimon, JP Morgan’s CEO was quoted just two weeks ago saying, “When I hear the constant vilification of corporate America I personally don’t understand it.” Clearly.

Of course you don’t, Jaime, neither do any of your colleagues.  What is more troubling is that none of you are willing to understand it.  The bailout was intended to keep the foundations of our economy intact by keeping your businesses alive. Now, more than ever, it is clear you should have been allowed to fail (that would have been better for you, as then your bonuses never would have been under the threat of congressional rescission).  You refuse to learn from your mistakes and develop better, more efficient business models.  You are intent on running everything straight into the ground so long as you can continue to line your overstuffed pockets.  You claim that bonuses are essential to retain your top talent. Your companies have all devalued and eroded the global economy, you don’t have any talent.  You did not require government funding, you just got in line for free money that the government never should have offered.  But you took it, saying it was necessary.  Now, under pressure for inept practices, you are eager to return it, despite no considerable gains in your performance. You have no credibility, no integrity, and deserve no respect.  Oblivious to the frustration of millions, whose lives are stalled and even destroyed by your greed; continue on in your opulent, wayward, stupor.  You are worthless.

Goldman Sachs to Return TARP Funds by Mid-April:

http://www.bloomberg.com/apps/news?pid=20601087&sid=aW2jw0bHcg3s&refer=home

JP Morgan Chase Spending Millions on New Jets and Luxury Private Airport Hangar

http://abcnews.go.com/Blotter/WallStreet/story?id=7146474&page=1

Chase Will Repay TARP Funds Before Making Jet Purchase:

http://dealbook.blogs.nytimes.com/2009/03/23/jpmorgan-to-proceed-with-new-jets-and-hangar/?hp