The Bloatocrats

[marmar]

From The Nation:


The Bloatocrats

Nicholas von Hoffman


The New York Times, perhaps out of zeal to ensure equal time for everybody, has afforded some of the richest CEO types a chance to sound off about themselves. One of the bloatocrats quoted in the piece is Kenneth C. Griffin, the head croupier at a hedge fund called the Citadel Investment Group. Last year he was rewarded for his labors with compensation in the billion-dollar range.

He says in explanation of why we are lucky to have him as a fellow citizen that, "We have helped to create real social value in the U.S. economy." The money he has made from social value creation has little or nothing to do with his endeavors which put him on a higher plain than the rest of us (Mother Teresa excepted) who go to work every day to earn a salary.

Mr. Griffin, wise beyond his 38 years, told the newspaper that in his experience those in business for the money "soon discover that wealth is not a particularly satisfying outcome." The countryside, it may come as a surprise to learn, abounds with hapless, dissatisfied billionaires wandering around mumbling about their disappointing outcomes.

At his own casino, the Citadel Investment Group, Mr. Griffin says "money is a byproduct of a passionate endeavor." He team, he claims, "loves the problems they work on and the challenges inherent to their business." May he and his team be a role model for us all. Rather than Mr. Griffin's moonshine, give us Gordon Gecko every time. ......(more)

The complete piece is at: http://www.thenation.com/doc/20070813/howl

[Mr_Jefferson_24]

1. K & R. Good read. nt.