What's Wrong With The Economy?

Just read this article on CNN.com and I wasn't surprised in the least. These are all just symptons of the same disease which seems to manifest quite profoundly in financial markets and companies around the globe. That disease would be greed. Have a look at what attorney general Andrew Cuomo had to say;

"Merrill Lynch's decision to secretly and prematurely award approximately $3.6 billion in bonuses, and Bank of America's apparent complicity in it, raise serious and disturbing questions," Cuomo wrote in a letter to Rep. Barney Frank, D-Massachusetts, chairman of the House Committee on Financial Services.

In his letter to Frank, Cuomo said Merrill gave bonuses of at least $1 million each to 696 employees, with a combined $121 million going to the top four recipients. The next four recipients were awarded a total of $62 million, and the next six received $66 million, he said. In all, the bonuses for 2008 totaled $3.6 billion.

"While more than 39,000 Merrill employees received bonuses from the pool, the vast majority of these funds were disproportionately distributed to a small number of individuals," Cuomo wrote. "Indeed, Merrill chose to make millionaires out of a select group of 700 employees."

If you pay close attention you'll see that this is a pyramid system. The top, lets call it for what it is, (barely staying legal) steals the most and the lower you are in the pyramid the less you get. This is the mindset of the top executive branch, enrich yourself at the expense of everything else. What's wrong with the economy? People like that!