Friday, March 29, 2024
Miles from the Mainstream
D. R. ZUKERMAN, proprietor

"We Need
Aggrandizers Anonymous"

DECEMBER 23, 2008 --

It seems to LPR that a growing segment of our population has become addicted to accumulation of limitless wealth: CEOs, ,Wall Streeters, professional athletes, movie stars, TV news personalities. lawyers, doctors, among others.

LPR is concerned that money aggrandizement takes dollars from the many, giving them to the few -- who have less, themselves, to spend and, consequently banks get into financial trouble, the auto industry gets into financial trouble, the homebuilding industry gets into trouble - in brief, the national economy gets into trouble.

LPR was pleased to learn that the Federal Reserve Board has finally taken note of credit card money aggrandizement, and will institute some minor measures -- but why must we wait until 2010 for the reforms to become effective?

Also it is good to see that huge salaries and bonuses on Wall Street are coming in for scrutiny, particularly bonuses for employees at companies that did not have a good year.

Perhaps if LPR had the number of visitors the Huffington Post has, some officials would have realized and addressed the money aggrandizement problem somewhat sooner.

LPR did try, April 2006, to let people know that the high gas prices will depress the economy.

LPR cannot expect, of course, that this posting will get Huffington Post numbers.
Still, perhaps consideration should be given to requiring individuals who receive
more than $5 million in wages per annum to attend weekly meetings of Aggrandizers Anonymous, where they will watch movies like "It's a Wonderful Life'" to be taught that the banker in the film is not the good guy.

Lectures would also be given explaining why aggrandizement is contrary to the common good, why inflated prices of material supplied to our armed forces is contrary to the national interest.

Biographies will also be distributed, beginning with that tale about Ebenezer Scrooge, and continuing on to Enron's Ken Lay, WorldComm's Bernard J. Ebbers, the executives who headed Fannie Mae, GM, Bear Stearns, every credit card company and their … ilk.

And of course this sensitivity training for aggrandizers would include the $50 billion man Bernie Madoff. Mr. Ebbers was given a 25-year prison sentence for making $11 billion disappear. Does that mean Mr. Madoff, if convicted for making $50 billion disappear, should receive a prison term of115 years.

That something has gone wrong with the expansion of costs beyond reason is
suggested to LPR by seats to college and professional basketball game that require
payment of hundreds, even thousands of dollars.

Could it possible that our graduate business schools use dictionaries that omit these words: "conscience" "truth," "honesty" "fairness," "morality, "unconscionable?"