Wall St, Insurance companies Life & Annuity, Hedge funds, Banks & Real estate broker & agents, Mortgage broke
Let me take you higher!!! (Sly and the Family Stone)
No doubt - the higher assets, real estate, mortgages oh and lets not forget those recent vintage AAA – rated mortgage backed securities and derivatives thereon can be driven, whirled, spun, escalated the better - for the recipients of asset-based compensation and the not so tiny bonuses. These once venerated “Capital Assets” turned out to be nothing less than a veritable new and distinct “form of casino-chip-like currency” one whose champions for the past 30 yea
Where are, I ask, those champions now? Today – with threats couched as lamentations that the “systems” failed us. Crying to the US taxpaye
In the meantime,
Did it ever occur to Congress that Corporate America and the capital markets’ asset values were built in part on the backs of the hourly wage earne
By the way, the next shoe, after credit card and auto loan defaults hit reality look to be those 3 or 4% or more guarantees in life and annuity insurance contracts, with clever lobbying perhaps the FASB, SEC and or Congress will whip up a new accounting artifice to stave that one off.
And now the same titans – are looking for more breaks? Relax fair value accounting because now they cry with asset values at more realistic levels they are “difficult”, give is more guarantees, give us two months to stress test when we know – like Gilligan’s’ Island that they know that we know that they know to the penny to the minute what their assets and liabilities are worth under multiple scenarios. The second largest software vendor SAP AG in the world after MSFT – with many yea
Helps to explain much of the increasing difference in incomes for the past 25 yea
Something for policy make
Asset - based compensation tends to do what?
Cause the playe
Example: Short selle
Almost forgot – to include – those newly printed US dolla
And in repeat fashion – is the US Treasury and Fed creating a future asset – based compensation bubble? Increasingly dislocated from that which we know – structural overcapacity in most industries, soul-crushing jobs in same cloaked in career ladde
What is the real promise of