Pigs! They all tout each other's genius all the while leveraging the public's money. And couldn't we have guessed that one of Jim Cramer's favorite stocks has been Goldman Sachs (GS) for the last four years. And the truth is here, a chart of his Goldman Sachs (GS) stock picks over a two year period
http://www.stocktagger.com/2007/09/jim-cramer-calls-goldman-sachs-gs-best.html
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Do Bankers Deserve Bonuses?
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Should the government be in the business of regulating compensation?
What needs to happen in the banking sector is a cultural shift. No one firm can deviate on its own. Let's say tomorrow, Deutsche Bank said that it was not going to give out compensation in this way. It would lose people to other banks. Some people might set up their own hedge funds. It's a very, very complex problem. Unless the entire culture changes of how these cash bonuses are paid out in a global economy, it's hard to get any individual bank to do it, and you don't want Congress dictating pay. The issue will only get politicized.
What does the future hold for the banks that did well this week?
My sense is that there was a little bit of amplification. The stress tests had the effect of dampening the depression-type worries about the economy. Now people are talking about slow recovery, I don't think the kick in the next quarter will be that high.
© 2009
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