How to get rich: FAIL at banking

[Scuba]

http://www.jsonline.com/news/opinion/120663434.html


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In M&I's case, the hometown bank suffered huge losses stemming from its decision (bet?) to invest heavily in the Arizona and Florida real estate markets prior to the recent recession. The financial hit left M&I vulnerable to being acquired by Montreal-based BMO Financial, leading to the prospect that many employees in Milwaukee may lose their jobs.

Top executives who steered the ship when fateful decisions were being made reportedly are receiving "golden parachutes" totaling over $70 million. To add insult to injury, BMO also has agreed to pay any tax liabilities resulting from these payments.


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[Turbineguy]

1. It's not just banking

there are all sorts of way to get rich by failing. What essentially goes on is that people are bought off so that they cannot do further damage.

[unblock]

2. the real key is convincing someone with loads of money that you can make them loads more

it's the convincing part that's lucrative.

actually delivering on it can lead to yet more lucre, but once you've convinced them you can make them money, you win no matter what.

[closeupready]

3. I worked at M&I years and years ago.

Liked it okay but they were def. conservative, as most banks are.