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April 9, 2014

Jonathan Tobin: Why Did Kerry Lie About Israeli Blame?

Samuel G. Freedman: A resolution 70 years later for a father's unsettling legacy of ashes from Dachau

Jessica Ivins: A resolution 70 years later for a father's unsettling legacy of ashes from Dachau

Kim Giles: Asking for help is not weakness

Kathy Kristof and Barbara Hoch Marcus: 7 Great Growth Israeli Stocks

Matthew Mientka: How Beans, Peas, And Chickpeas Cleanse Bad Cholesterol and Lowers Risk of Heart Disease

Sabrina Bachai: 5 At-Home Treatments For Headaches

The Kosher Gourmet by Daniel Neman Have yourself a matzo ball: The secrets bubby never told you and recipes she could have never imagined

April 8, 2014

Lori Nawyn: At Your Wit's End and Back: Finding Peace

Susan B. Garland and Rachel L. Sheedy: Strategies Married Couples Can Use to Boost Benefits

David Muhlbaum: Smart Tax Deductions Non-Itemizers Can Claim

Jill Weisenberger, M.S., R.D.N., C.D.E : Before You Lose Your Mental Edge

Dana Dovey: Coffee Drinkers Rejoice! Your Cup Of Joe Can Prevent Death From Liver Disease

Chris Weller: Electric 'Thinking Cap' Puts Your Brain Power Into High Gear

The Kosher Gourmet by Marlene Parrish A gift of hazelnuts keeps giving --- for a variety of nutty recipes: Entree, side, soup, dessert

April 4, 2014

Rabbi David Gutterman: The Word for Nothing Means Everything

Charles Krauthammer: Kerry's folly, Chapter 3

Amy Peterson: A life of love: How to build lasting relationships with your children

John Ericson: Older Women: Save Your Heart, Prevent Stroke Don't Drink Diet

John Ericson: Why 50 million Americans will still have spring allergies after taking meds

Cameron Huddleston: Best and Worst Buys of April 2014

Stacy Rapacon: Great Mutual Funds for Young Investors

Sarah Boesveld: Teacher keeps promise to mail thousands of former students letters written by their past selves

The Kosher Gourmet by Sharon Thompson Anyone can make a salad, you say. But can they make a great salad? (SECRETS, TESTED TECHNIQUES + 4 RECIPES, INCLUDING DRESSINGS)

April 2, 2014

Paul Greenberg: Death and joy in the spring

Dan Barry: Should South Carolina Jews be forced to maintain this chimney built by Germans serving the Nazis?

Mayra Bitsko: Save me! An alien took over my child's personality

Frank Clayton: Get happy: 20 scientifically proven happiness activities

Susan Scutti: It's Genetic! Obesity and the 'Carb Breakdown' Gene

Lecia Bushak: Why Hand Sanitizer May Actually Harm Your Health

Stacy Rapacon: Great Funds You Can Own for $500 or Less

Cameron Huddleston: 7 Ways to Save on Home Decor

The Kosher Gourmet by Steve Petusevsky Exploring ingredients as edible-stuffed containers (TWO RECIPES + TIPS & TECHINQUES)

Jewish World Review

Should bad behavior be rewarded?

By Jim Mullen




http://www.JewishWorldReview.com | When money managers are asked why they deserve tens of millions of dollars for pushing around other people's money, the answer is always, "the risk." They took the risk; they made the bet and won. To the victor go the spoils.

That makes a lot of sense. When you take a big risk, you deserve to make a lot of money. You deserve the beachfront house, the private jet, the second home in Aspen. Sure, that's the same thing drug kingpins say, but there's one big difference: When drug dealers make the wrong bet, they go to jail. When money managers lose a bet, they get a bonus.

"Oh," you might say, "but the money managers didn't break the law." Really? Who told you that? Oh, the money managers.

I had a friend who chased down a purse-snatcher in Manhattan once and tackled the thief in a busy midtown crosswalk. The first thing out of the purse-snatcher's mouth was, "I didn't do anything!" He kept yelling that at the top of his lungs. When the police arrived, they wanted to arrest my thief-tackling friend instead, until the woman whose purse was stolen finally set them straight.

So all the Wall Street money managers are yelling that they didn't do anything. I keep wondering, when are all the people whose purses were stolen going to set them straight?

It seems to me that if you're going to be rewarded for taking a big risk and winning, you should be punished for taking a big risk and losing. Even if you're a banker or a stockbroker. Even if you went to Harvard or Yale.

There's a reason we don't give gold medals to the people who come in last at the Olympics. It doesn't mean they are bad athletes -- after all, you have to be pretty good just to compete in the Olympics. But they didn't win. So why is it that if you're a money manager, you can come in last place and win a golden parachute?

If risk is the thing that determines how we reward people, why aren't our combat troops making bags full of money for going to Afghanistan? Aren't they taking a risk? Aren't they risking a lot more than any stockbroker or banker? What about our police officers and firefighters? Wouldn't you say they're in risky professions? By Wall Street logic, they should all be paid $100 million a year for what they do. Maybe more.

My friend Jack says, "If those Occupy Wall Street protesters are so against money, why aren't they protesting rich movie stars and rich singers?" Excuse me, but has some rich movie star ever been bailed out of financial trouble with your tax dollars? Has some profligate basketball star been bailed out with the public's dime? If so, I sure can't find any news stories about it.

Money-sucking stockbrokers want you to think that the protest is rich vs. poor, that those who object are jealous of the rich. That's like saying you are jealous of the guy who mugged you because he now has more money than you do. No, you are ANGRY at the mugger for the mugging. And you want your money back.

What if a mugger's defense attorney argued: "Sure, my client took the money, but that's the way capitalism works. That's the risk you take by walking down a dark street. You know you're going to get robbed someday -- what difference does it make if my client robs you or if somebody else does? Besides, my client has these 'Get Out of Jail Free' cards that he printed on the back of thousand-dollar bills and sent to all his friends in Congress, so let's just drop the whole thing."

If you made money losing your clients' and your stockholders' money by taking "legal" risks and you got a taxpayer-paid bonus, don't call it "capitalism." It's something else entirely. Am I jealous of the money that rich stockbrokers made for themselves by losing money for their clients? No. Wall Street wants you to think it's about money. It's about justice.

Every weekday JewishWorldReview.com publishes what many in the media and Washington consider "must-reading". Sign up for the daily JWR update. It's free. Just click here.

Comment by clicking here.

Jim Mullen is the author of "It Takes a Village Idiot: Complicating the Simple Life" and "Baby's First Tattoo."


Previously:


The perplexing problems of the rich and famous
Do these glasses make my gut look big?
More expensive by the dozen
In one year and out the other
Thank heaven it's Black Friday
Planning for the long term ---- tomorrow
READING THIS WILL MAKE YOU THIN AND HAPPY!
The Seven Secrets of Success
It's tough living off the gridIt's tough living off the grid
How not to clean the houseIt's tough living off the grid The yellow badge of cowardice
Any way you slice it
Home sweet homeschooling
Don't Head for the Borders
Money ball
Golf and death go hand in hand
Tune in, turn off, unplug
The radar curtain
Is Steve Jobs clouding my privacy?
The gift of garbage
Johnny Intern, Ph.D.
Twenty-foot fences make good neighbors
You must remember this…
TV experts and real news
Hey caller, where's the fire?
My sad cushy life
Pacemaker, don't you mess around with me
Big Brother is skinny
Flight of the snowbirds
This HDTV needs child support
Dear Future: Where's the dome?
Not so elementary, my dear Watson
A vacation revolution
Your call is very unimportant to us
Life: There's no app for that
Bam! Practical kitchen magic
Poisoning myself
Ban Huck Finn in schools --- even the sanitized version!
$38,000 for traffic and weather updates
2011 Predictions: Nostradamus was a hack
2010: A year of annoying junk
Why do bad things happen to stupid people?
Moving on from movie theaters
Money never sleeps, but it does pass out
President Trump kept it classy
Stalking your college kid won't change a thing
Putting my life in ‘Jeopardy’
Mo' government, mo' problems
iLostIt
Dressed for excess
Expert tease
The mysteries of Jersey
‘You are a toilet, where am I?’
Don't we all cheat at the game of life?
What happens when I forget where Google is?
Don't let the doorman hit you on the way out
Picasso fiasco
Purple (hair) ‘Daze’
Let me hear your body talk
Working from work
Babies deserve clean restrooms, too
3-year-old bear-killers are a thing of the past
Money-making ideas on the fly
Collecting and hoarding
Chain of fools
Please come pick up your acting awards, ESPN commentators, you've earned them
You've been superpoked by the U.S. gov't
e-Readin', e-Writin' and e-Rithmatic
A pose by any other name
Warning: Column contains 2010 spoilers
‘He loves only gold, only gold’
Think about direction, wonder why …
Flushing your money down a diamond-studded toilet
More like ‘wack’ Friday
The good, the ad and the ugly
The desert of the real
Let books be large and in charge
I was insulting people way before the Internet
GPS drill sergeant: Left, right, left!
Butterfly in the sky, you make winds go twice as high
Music to my ears it's not
You don't light up my life
Fair or not: Country living is far from ‘Little House’
A parable for the ‘ages’
Top 100 Cable news stories of the century
Green dumb
A developing story
Thinking outside the lunch box
What's good for the goose is good for the scanner
Newspapers will survive, but network TV?
A really big show of generation gaps
When pigs flu
The reports of our decline have been greatly exaggerated
Mergers and admonitions
Invest in gold: little, yellow, different
Stuck in Folsom Penthouse
Collecting karma
Setting loose the creative ‘juice’
It's all in the numbers
You're damaging your brain with practical skills
The real rat pack
The unspeakable luxury of the Park-O-Matic
Gross-ery shopping



© 2009, NEA

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