On the other blog I’ve posted an argument that the financial industry in general is a thicket of delusions, and that investors ought to insist on strict limits on executive compensation not so much to keep CEOs honest, but to keep them rational.
The Mahablog
Politics. Society. Group Therapy.
Right, greed like any other life-draining force can make one crazy but not necessarily delusional.
I read that Bloomberg etal sued the Fed demanding it identify recipients of its lending and the rotten assets the Fed has taken on its balance sheet as colateral. The very non-delusional Bernake replied that transparency would be “counter-productive.”
Indeed, history is rife with what the influx of great wealth can do and does to its recipients as it weakens our fiber and fosters corruption and luxury. A lot of once great nations have bitten the dust following their influx of great wealth.
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