Entries tagged "Ace Greenberg"
A few interesting comments came back on my post Monday discussing DealBook's Steven Davidoff's outrage at the notion that the big guys at Bear Stearns Cos. were getting off (relatively) freely. The comments raise the grab-bag of arguments that often circle this issue. First, these guys were getting rich with other folks' money, but there was no symmetrical punishment on the downside for losing it. Second, these firms need to invest their money into "productive" versus "unproductive" ventures. Third, to establish accountability, we should make traders invest some of their own money into every situation along with their firm. ...
Steven Davidoff offered up what he describes as a "polemic" on DealBook, excoriating Ace Greenberg, Jimmy Cayne, Alan Schwartz and the Bear Stearns Cos. board for getting out of town with their millions. If the comments are any indication, Davidoff has struck a vein. He's right, of course, that it's totally unfair by any measure to can administrative staff who were innocent of wrongdoing and allow those who oversaw the firm and its ultimately disastrous strategy to move on, with or without jobs at J.P. Morgan Chase & Co. We saw the same scenario at Enron, but at least some...
