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Tuesday
Jan052010

Goldman Director Bill George: Top Bankers Are Like Movie Stars And Deserve To Be Paid Accordingly

Video: William George, Professor of Management at Harvard Business School and member of the board of directors at Goldman Sachs

At the 2:40 mark, George shows he's an idiot:

  • "The shareholder value is made up in people and you need the people there to do the job."
  • "If you don’t pay them for their performance, you’ll lose them. It's much like professional athletes and movie stars."

This is complete and utter nonsense that we've debunked more times than we care to remember.  Goldman and Citi are competing with hedge funds for top talent.  Hedge funds didn't blow up the world, but synthetic CDOs of toxic MBS securitized by Goldman Sachs and others did figure heavily in the carnage.  The too big to fail investment banks deserve to lose their top talent.

AIG CEO Benmosche gets torched at the 6:15 mark.

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Reader Comments (17)

OMG, HBS is SO overrated! Please, everybody--let's shift our focus to George Mason University's economics dept for some answers.
Jan 5, 2010 at 9:47 AM | Unregistered CommenterSonic Ninja Kitty
Bcool cannot be cool about this any longer! Not only should the CEO's & the top execs "NOT" get bouses but they should have all of thier assets seized & auctioned off to help pay for all the mess they created. Then they all need to go directly to jail! These guys cost the general public 50 times more than anyone like Bernie Madoff did. They make him look like a rank amateur & guess where he is going.
Jan 5, 2010 at 12:24 PM | Unregistered CommenterBcool
In 1850 only people like John Brown and Thomas HIgginson could be against slavery and hardly any white people believed that Negroes were equal in intelligence to white people.

Human beings are like that. Before the modern age, medical doctors caused as much harm as good (and probably more harm) but were still paid very well and were well-respected by the average person.

But the medical emperors of the past clearly "wore no clothes."

Economists and financial analysts use reason and empirical investigations of economic and financial data to try to make sense out of our economies and businesses because they have no other choice, but we aren't much better off for their efforts than our ancestors were from the efforts of blood letting doctors or astrologers.

What other choice do we have other than to abandon ourselves to superstition and dart throwing?
Jan 5, 2010 at 1:34 PM | Unregistered CommenterJames Street
@DB

What else American Bamboozled Generation need to know ?

USA Republic under total Control by HOME GROWN FINANCIAL ALQAEDA aka WALL STREET BNAKER TALIBAN CONTROL

We USA Gullibles have to launch non Violent ZIHAD ..GANDHI STYLE now

or we will get sucked in CIVIL UNREST next

ANY LEADER IN USA REPUBLIC WHO CAN LEAD THE REVOLT NOW?

Amazing no leader openly coming out and leading REVOLT?lol

http://www.pushhamburger.com
Jan 5, 2010 at 2:51 PM | Unregistered CommenterKen
A neuroeconomic peek inside your brain's new strategy as we enter the "Doomsday Decade" and leave behind the "Lost Decade"

2.

you're distrustful, cynical and pessimistic about all predictions made by Wall Street's bosses and pundits. You're particularly skeptical of any and all forecasts by the "too-greedy-to-fail" bankers who stole trillions from taxpayers, the Fed and Treasury, then failed to stimulate the economy and now pocket mega-bailout bucks as record bonuses, just one year after we saved Wall Street from near bankruptcy.

This is a simple test of your mindset. Betting odds say most of you will pick answer "1." Why? America was founded by optimists. You believe that a "happy conspiracy" binds politicians, CEOs and Wall Street, making capitalism work and America a powerful nation: So you accept Wall Street's greed, lies and thievery as the price of "free-market capitalism," and part of America's DNA. You embrace "capitalism-without-morals."
http://www.marketwatch.com/story/12-dr-dooms-shred-2010-investing-optimism-2010-01-05
Jan 5, 2010 at 2:55 PM | Unregistered CommenterKen
Amazing no leader openly coming out and leading REVOLT?

---------------------------

I agree Ken...seems like it would be an excellent opportunity for someone new to emerge...
Jan 5, 2010 at 3:21 PM | Registered CommenterDailyBail
snk...remind me about george mason
Jan 5, 2010 at 3:22 PM | Registered CommenterDailyBail
Let us hope for our Moses to appear soon to lead the Revolt next

Here is BIGGEST criminal Crook who started corruption at highest grand scale under Clinton Fuck and dot com scam balloon surplus budget scam....................................

Robert Rubin: All Hell Could Break Loose Because of the Huge Government Debt

Economic Policy Journal
January 4, 2009
http://www.economicpolicyjournal.com/2010/01/robert-rubin-all-hell-could-break-loose.html
Jan 5, 2010 at 3:25 PM | Unregistered CommenterKen
PROOF OF WALL STREET CRIME CONTROL MANIPULATION BY GOLDMAN SACHS/JP MORGAN UNDER BERNANKE & LARRY SUMMERS SUPERVISION.....................

It is called LARRY SUMMERS crime Scam

Trader on Bloomberg says markets are manipulated and volumes 'ficticious'.
http://www.youtube.com/watch?v=V4cRYI2x60Q
Jan 5, 2010 at 3:45 PM | Unregistered CommenterKen
Investment banks have traditionally operated like hookers, they will provide their service to anyone for a fee. Including our enemies, fee first please. They crashed everything based on their need for greed to be reckless and more "creative" to build a bigger bonus.

Much the same as crack whore will destroy their whole life for just one more rock.
Jan 5, 2010 at 4:09 PM | Unregistered CommenterS. Gompers
Gomp says...Investment banks have traditionally operated like hookers.

Doesn't that imply that investment banks are the ones getting f***ed, I think it is the other way around. The reason you used to justify your statement is also not correct.
Jan 5, 2010 at 5:06 PM | Unregistered CommenterGobiasBestFriend
Ken, who do you want to lead the revolt?
Jan 5, 2010 at 5:06 PM | Unregistered CommenterGobiasBestFriend
The Hollywood Madam didn't look at it that way, and neither do they, she was providing a service, and so are they... These are not your common streetwalkers, but then in the end, America still woke up with the syph.
Jan 5, 2010 at 7:41 PM | Unregistered CommenterS. Gompers
"Much the same as crack whore will destroy their whole life for just one more rock. "

They destroyed America for "just one more bonus".
Jan 5, 2010 at 7:45 PM | Unregistered CommenterS. Gompers
GMU is home to a large contingent of Austrian economists--as is Auburn U, Hillsdale College, Pepperdine U and one place in Louisiana--I forget which.

WHY are we listening to the Harvard and Princeton hacks? You know they just segue back and forth between academia, Goldman et al, and the government. It's a nasty old trifecta of 'we're so much smarter than the little people' elitist tyrants (with some exceptions such as Dr. Warren). WHY do people even respect these names anymore? GWB was a Yalie and HBS grad and he was dumber than a rock.
Jan 5, 2010 at 8:13 PM | Unregistered CommenterSonic Ninja Kitty
SNK, I remember one of my Ivy-league econ professors going through some equations on the blackboard one day and some of the consumption equations were coming out negative. When we asked about this, he briskly pointed out that this must represent "negative consumption" and he made a sign with his hand coming away from his mouth as if he were throwing up. That was the moment -- the precise moment -- that I recognized that economics (as I had been taught) was utter crap. The next semester I switched from the Econ-Applied Math track to straight Econ. This allowed me to substitute "The History of Economic Thought" for yet another useless class with lots of differential equations. It also introduced me to Marx and Ricardo and Menger -- and the modern Austrian school. But that was the moment for me. From "negative consumption" to Ron Paulian. That's how it happened.
Jan 6, 2010 at 12:01 AM | Unregistered CommenterJames H
JamesH--congratulations on avoiding the indoctrination! What happened to the rest of those students? How are we to reach them? 'Intelligence' is useless without the ability to think independently, the willingness to question others' assumptions, and the courage to speak out.
Jan 6, 2010 at 1:09 PM | Unregistered CommenterSonic Ninja Kitty

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