Bad Credit Card News
Greedy banks? It's started again
Monday June 29, 2009
WHEN the Western banking system was bailed out on the brink of disaster during the past year, it was expected that the bad habits of the banks notably, excessive greed would not survive, at least until the danger had passed. But old habits die hard; bad habits die hard. During the boom years, the culture of entitlement among the executive class became so entrenched that the top executives of large financial conglomerates paid themselves enormous sums on the basis of profits built on speculative short-term profits. The most absurdly symbolic moment of corporate hubris was when the heads of America's loss-hemorrhaging car-makers, who also happen to be large financial companies, flew to Washington to ask for billions of dollars in hand-outs, and did so in their corporate jets.
