"The Wolf Of Wall Street"

As people, we have lost touch with what's really important – each other. I am 55-years-old and have seen so much already. I can remember when Americans were happy with just a modest home, one car, and spending time with family. (Nothing – even malls were not open on Sundays when my husband and I raised our two daughters). But because of "Corporate Greed", the entire country changed and along with it went our culture, virtues, and sanity. It wan't enough for the president of a company to give a good days work and "really care" about the people who were making that company successful. It became an "all about ME" attitude. He/She needed to have not 1 corporate jet, but 3; needed to have 4 homes (which were empty half of the time), not just 1; needed to have, have, and have. But, by doing that, they were "draining the life" out of the company. While people who were making the company successful working each and everyday, harder and harder, having benefits taken away from them each year, wondered and couldn't figure out why they just couldn't seem to get ahead, the people at the top were dipping into the "kitty" each and everyday. Then, along came corporate mergers – the employees were either laid off, had cuts in pay, benefits stripped again, and the employees who survived the merger hoped for some consistency and security for a few more years with a new company They then worked, and worked, and worked until another merger came along – and the whole process started all over again. But, who was getting "richer and richer" all of the time. These CEOs who do absolutely NOTHING for their company. They have lavish vacations which they call "business trips" while the "little people" who work under them keep being more "productive" so that these executives can spend, spend, spend. I am SO GLAD that the government is finally waking up to all of this. They are our only hope to regulate these greedy people. There should be a stringent cap on these salaries – just like there is on the employees. They shouldn't get more than a 2% raise like the rest of use each year, and they should be getting a review all of the time. They should have the SAME benefits as the rest of us – two weeks vacation a year if we're lucky, have their health benefits go up each year with bigger deductibles and co-pays, they should have no sick pay like the rest of us – if they're out sick – so what, we won't miss them. And, they should ALWAYS be worried about their jobs – like the rest of us. When they do a lousy job – which most of them do – they should be given a cardboard box and told to pack up and walked out the back door with their last paycheck. If all of this were done, there would be plenty of money to go around in all companies – a cap of $500,000 should be IT. If they can't live on that, then there's something wrong with THEM. Just think about all of the millions that would trickle down to the company if that's all they made. And, if they can't learn to live on $500,000 a year, then we could teach them a lesson in frugality. My feeling is that the economy has changed now because behavior has changed in the middle class. The middle class is very angry with all of this that I have just documented. But, we are a funny crowd – we don't forget. So, we will learn to save our money now, throw out those 10 requests a day that we get in the mail from the banks asking that we sign up for $20,000 of more debt with a new credit card, we will drive "used cars" now, and we will send our kids to community colleges (because there are no middle class jobs that pay anyways – so why would be burden our children with student loans), and we will cut back on our food costs, buy less, vacation less (we already do that), and one day the middle class will be the richest one in the country. We will go back to living in a modest ranch style home, drive one car, live on a modest income, spend time with our friends in the middle class, and enjoy our Sundays with family again instead of spending "family time" at the malls and making the RICH CEO's richer. And, the RICH people in the this country will be wondering what happened to all of those people that we used to take advantage of and abuse. And, you know, they'll learn to be jealous of OUR lifestyle.

Thank you for you investigative reporting. As so many of us try to get by less than $50,000 a year, when you read this you realize that these people have hearts of stone. How can you be so wealthy and ignore the people after a hurricane that have no home? How can you ignore those with no food? Hearts stone and hopefully a soon to be extinct branch of our species. They could have bought module homes for many homeless people without ever missing the money. Take a million from your purse or pocket! Give up swandering wealth. Grow up. Evolve in to a better person!

Work hard? Play hard? Get real! I was a teacher for over 30 years. Now who works hard? How about firemen/women, police, rescue squads, doctors, construction workers and more? They make it all sound like the patricians and plebians of Ancient Rome. Yes, I do hope they fiddled like Nero and that their Rome is burning down around them! Enough! If they can't share their undeserved bounty send them back to preschool where sharing to taught!

In a perfect world, we wouldn't be emulating anyone. And it won't be a perfect world until we cease to try. In today's world, everyone seems to be emulating Paris Hilton and her male counterpart, whomever that might be. I, for one, am tired of looking up the skirt of every woman that appears in any type of media, and watching fat, bearded guys in $45,000 pickup trucks try to look tough. Personally, I prefer to make every effort to be a rational, reasonable, and unique individual.

Wall Street, AIG, Banking Industry, etc., heads should roll, I'm so infuriated with the whole fiasco were in. I've worked my way through college, became an engineer, pay my bills on time, work hard, am a single father of three kids. I take no vacation. Now my tax dollars are going (against my wishes) to pay all these bastards off. I'm angy as hell.

Heads should roll over all this fiscal irresponsibility or outright thievery and dishonesty. AND I AM NOT TALKING METAPHORICALLY!

That is so on target!! I think you are on to something that has been happening for the last couple of years with the middle class, the CEO's just didn't see it coming. I started this middle class behavior 6 years ago, it just now finally has taken affect as a whole around the country. So we will see how the CEO's can afford their 7 mansions since we are not feeding the markets anymore.
Hat is off to you!!

I have read Jordan Belfort's book The Wolf of Wall Street and have seen the movie Wall Street several times. It is easy to envy their lifestyles and want to emmulate their actions. They portray themselves as having it all: success, power, expensive cars and toys, women, etc. They are on top of the world characters. After reading Belfort's book I personally became more aggressive in my business dealings and found myself mimicking his behavior in the business world and in social settings. These characters become cult figures to individuals who crave their lifestyles, and just like Belfort followed Gordon Gekko's ways in the movie Wall Street, there are thousands of people that will look up to Mr. Belfort after reading his book and will continue his excessive life on Wall Street.

Is there not a Bible verse that says something about gaining the whole world, and losing one's soul?

I find it difficult to believe that someone addicted to that much juice is reformed. He reads like am escapee from the Warner Bros. cartoon vault. I am in the process of rehabilitating my life as well. My excess was living in fear- of success. Having everything that people value taken away from me due to bad decisions and financial loss, I am living without less -burden, debt, obligation and fear. I am at my most creative in years, and have kicked my anti-depressant to the curb.

We all have to get back to the awe and wonder of dreaming and spend less time about acquiring things of deprecating value. Everything that I ever bought has depreciated in value over time. Well, at least it was a net loss. My investment in my friends and family has always paid off in the short and long run.

Our country would benefit from a renaissance of sharing. Back in the day when everyone didn't have everything, we could cont on our network of neighbors and friends to help us get through the day. We need to dream about our kids, dream about our relationships, dream about tour futures, dream about what we will leave behind one day. I'm not a monkee, but we could use a few more daydream believers on Main st., Wall St. and Pennsylvania Ave.

Now, I know where and who's enjoying my 104k. Someone allowed the weasel to guard the hen house. This only adds to the screams that are circulating in society. It's like the rape victim paying the attacker! Once again the powers that be have asked John and Jeanette Q Public to "tighten the belts" once again. Let's see, I've heard that quotation around 5 or 6 times. "Ouch" my belt is past the last hole,and you're asking me to create another one. Oh well, the belt just broke! I won't ask the powers that be to give me relief, they have enjoyed their fat cat life styles for quite a few years at the regular people's expense. Oh God, I know you see this please help! I don't know how you will begin to clean house, but please do it soon. I am running out of beans to cook.

Charlotte and David:

I tried to stick with the question that was posed (I refuse to use the phrase "talking point"), but now that the subject has been broached, I think I'll just let her rip.

Everyone on Wall Street (traders, market makers, CEO's etc,) should be investigated). The same for investment bankers, corporate officers, corporate board members, government officials, insurance company officers – everyone involved in the business of money investment and exchange. Anyone found guilty (by any practical standard) of any of the crimes so endemic to this sector should be divested of all of their assets, minus $100,000, and deported as "enemies of the state". They are most certainly enemies of mine. I had used the work "guillotine" in a previous post, but it was not accepted – I'll give it another shot. Let's dust off the guillotine – figuratively, of course. Rxxxxxx Fxxx is my designated poster boy for this rape of the world's wealth, but he certainly isn't alone. I did the math on this guy. If what the media says about his income is true, over the past 6 or 7 years, he's been making somewhere between $400,000 and $500,000 a day – every day. This is based on a 2080 hour work year. This fellow makes in a day what the average American worker makes in 10 years. Apparently the board of directors at Lxxxxx Bxxxxxxx think he was worth it. I wonder why?

I love how these people who after getting rich, and living the life suddenly find themselves on the downside, or out of a job all together suddenly come to this rationalization about "gee i woke up in my 50,000 square foot house, with my private yachts, and 18 cars by my cuddly man servant and realized that there was more to life then money." why is that people seem to come to this point only after they have made their mark either honestly or off of the 401k's of their investors and suddenly i am supposed to take their words as if they came from a burning bush?? 22 months in a Club Fed for 100 million. wow if i ever get in trouble will your attorney rep me?? You disgust me.

More and more average jos are getting as mad as previous blogs report. When the proletariat finally bands together to defeat wallstreet and the banks it is really simple. Stop paying your credit card bills, stop buying the fashion item of the week and go to survival mode. When the money stops moving and the credit balloon is deflated, the banks fail and the economy comes to a halt, we will all then be at the same level. That's called sharing the wealth.

There's a special place in hell for all those b*stards on Wall street. Ah, it's gonna be HOT!!!

And in a perfect world, who should we be emulating?

Jesus Christ, The WORD. And all the peole said........AMEN

I worked at a "brokerage" that was a spinoff of Stratton Oakmont right in the middle of that time. I was in the thick of all of this garbage. I remember being hired at one of these firms as a "management trainee". They put that out there in the classifieds just to attract young job seekers into the office. When they got you in there, they would dazzle you with tales and examples of how these other guys, who were no different from you, were making $20,000 a month. The promise of being able to make enough, not just to support yourself but rather to "do better than your dad did" was very attractive.

After being in it for a while, the truth started to become apparent. The bottom line is we were recommending stocks that had no chance; and we were profiting from it. The owners of these firms were masters of rationalization but eventually, truth has the ability to dig out a pit in your stomach that forces you to admit what you're really doing.

You were stealing.

I left the business at that point. Many of my colleagues are still in it to this day. I've asked the Lord for forgiveness for my part in this and I know that He has forgiven me. I've never made the same amount of income since those days and in many ways have struggled financially. The Lord has always provided, though. The greatest gift I've received through all of this is His grace and my character.

When I first opened CNN.com today and saw Jordan Belfort there with his tan and the picture of his infamous yacht (the yacht was almost iconic in that all the young brokers viewed it as the ultimate emblem of success), my first reaction was to write something negative and accusing. After writing here, I hope that he has asked the Lord for forgiveness. You see, paying back reparations, no matter how much, don't matter to the Lord. Genuinely asking Him forgiveness, accepting the gift of His grace and living the rest of your days within that grace is the ONLY way to make good on it.

It may have begun with Wall Street, Lending/Banking Institutions, Lehman, AIG, etc., but what makes it so insidious is that our Government as a whole succumbed to the lure(s) of this perceived wealth, became complacent with regulation and in some instances dipped into the well of corruption and thievery. David, like you, I've worked hard, timely paid my debt and live within my means and manage to eek out a savings (now greatly diminished). I shake my head with dismay and hear the cliche "performance is punishing" ... Yes, we who follow the rules are taking a beating, but I believe all those who have lived their lives with greed will get the biggest shaking up (justifiably so). The rumblings of the People Are Mad As Hell And Aren't Going To Take It Any More is resounding throughout the U.S. and World and maybe, just maybe, this time We will prevail and a sense of normalcy and well-being will be returned for at least a majority. The Tech bubble popped, the Housing bubble popped, and now "Pop Goes the Weasel" with the Greed bubble explosion. The doors of shady dealing are being flung open on Corporate America, and we are becoming aware of just who is that man behind the curtain of manipulation. I believe Accountability will be the new "it" word and figuratively "heads WILL roll". We thus can restore the basic and good fundamentals of our society ... If I had a crystal ball my feeling is that a bright future looms ahead; let's just hope it is sooner rather than later.

As I sit in my office, a very small not for profit builders association, losing members daily because they cannot get work, build houses(no credit for buyers) I am sickened knowing that these "wall street geniuses" so they think, made that kind of money off of my members and me! I think they should all give back what they have taken from us. They should have community service to see how bad it really is. Go to Louisiana and Texas and get their hands dirty helping out the people who they have stole from and help rebuild these areas. I am sure more than a few of them would quit within an hour because it is too much work for them since they have sat in their very expensive leather chairs for so long they don't know how to really work.

It's impossible to put into "printable" words the anger and rage I, as well as the other WORKING people feel about the FAT CATS on Wall Street, as well as all the other CEO's, etc. who live lavish lifestyles at the expense of those of us who actually do the REAL WORK that makes them filthy rich! I don't know how any of them can sleep at night; however, judging from the hard partying they do, they probably DON'T sleep! Paybacks are h(*&,you know. We working people are fed up with their gluttony and greed! I hope they have to pay back what they've stolen from us, PLUS serve time in prison like that CEO of Berkley Neutraceuticals, Steve Warshak is doing right now!! If these disgusting excuses for human beings don't pay in this life, they most certainly will in the next!!!

One, by one, by one- change happens

We are evolving- and each one of us can bring back the generosity within his own life ; for his family ,his neighbors and his community, that is the beginning of a new "grass roots" mentality missing in our culture today.

The leaders and power players of weatlh and greed are only a reflection of the times, and they are not the answers, the comittment is within each of us and how we live our lives... confronting values that are real for ourselves and our CHILDREN.

Pointing fingers grows old! It is certainly part of the moral picture that wants to change things, but with no action it becomes a way of shrugging off the pain; part of the "blame game" so common in the political arena. Remember each action starts with YOU in the center- no one else.

We are the models of the future, let's open our minds and hearts and look inside first, and do the right thing...and then one by one by one the world can be a better place.

Jordan did nothing wrong and he is my hero. I am not being facetious. He simply continued to push the envelope and bend the rules, and our regulation system was not nearly as advanced in his time period. The fact that he single handedly caused ludes to come off the market, now thats a whole different story.

It's depressing to hear of people making $500,000 a day. Even a $1000 a day would net you a salary of 360 grand a year and I could live great with a salary like that. The greed of some of these guys is unconscionable. One person doesn't need a multi-million dollar salary when they could get by just fine with 1 million. How many folks here in the US or anywhere for that matter, would agree that you could live high on the hog with a salary of one million dollars a year? I'll bet 98% would say yes while the other 2% who say no are the greedy bas%#@ds from Wall Street.

joe 6 pack here , done all the things ive been told to do, work ,save, pay my bills, my government has let me down for 40 years . All the problems we face now did not happen overnight. Its time to come home and take care of our country ,there are so many things to be fixed and worked on here, and maybe if the usa would keep our nose out of other peoples bussiness , they might not hate us so much. IM MAD AS HELL AND IM NOT GONNA TAKE IT ANYMORE!

I work in law enforcement, and I love my job. I wouldn't do anything else. The joy and satisfaction I get from giving myself completely to protect and serve cannot be compensated monetarily. I have 5 kids, and a wonderful wife that has a tougher job than I do in nurturing and raising them. We live in a small three bedroom appartment, but we are happy to have a warm place to sleep, and food to eat. When we can

The greed, egomania, complete lack of compassion, and the cold void where common decency should be found with this people disgusts me and makes me sick.

Having said that, I pity the poor fools that have this mentality. They will never find the happiness that I have because greed and the desire for power are thirsts that can never be satisfied. They will never have anough money, there will always be a newer and fancier car, there will always be somebody with a bigger house, and there will always be more to "have."

However, I do find it a slap in the face to think that I may need to pay extra in taxes to bail out these soul-less, quasi-human, louthsome, nefarious, repugnant, vile, dispicable, waste of flesh, stench-in-the-nostril of humanity wankers whose addition to money and self-aggrandizing is just like that of a heroin addict.

As they say in Brazil, "Vai tomar no seu cu!"

AMEN to all the above.

I find peace with a very simple phrase that we have all heard, but one I sincerely believe in.

"What goes around, comes around."

I may not be around to see it happen, but hopefully my children and grandchildren will.

This day and age where things like this go "unpunished" is amazing. If you haven't caught on by now, the Govt. is going to bail them all out because their pockets are a little fatter too from them. If anyone of the average Joe's of the US would do something remotely out of line like this, not only would we not get "bailed out" but we would end up in jail. I personally read "The Wolf of Wall St." and I must say it good reading. It was almost like reading a fictional story. I really did question alot of it, it was so over the top. I finished reading the book on a beach on my vacation, and when I was done thinking "no way is all this true" I literally turned my head and saw a shopping bag from a fellow vacationer from the same shoe comapny from the book. Honest...it was amazing.... It then hit me....this guy was for real and did get away with it..........almost.

Abbie,
To the average American who has seen no portfolio growth from 2001, we are angry with all of Wall Street and those who represent that image. The cast of thousands financial elite from our universities leaned nothing about ethics, but rather, learned greed is good, compounded, with Hollywood's conspicuous consumption. So what does the future hold for our financial system... the average investor won't be coming back to Crime Street. Our Nation of Criminal Elites in Wall Street and Washington will so learn the Middle Class Trillions are no longer theirs to play with.

Carol, AMEN TO THAT!!!!!!!

i think we should vote every politian out of office that voted for this bailout .i own a small business whos going to bail me out im having tough times i need help i dont see gov resuce lining up to help me we as citizens need to take this country back.clean all the old boys out of senate congress .they all are lining there pockets and all the joe the plumbers are paying for it we had better wake up before its way to late. when gov takes over privatley held institutions if im not mistaken they call this communism.whats next they will be telling u where to work and all of our rights will be taken wake up peopl,

Jordon Belfort is just one of so many! Where is the outrage?

Clearly “Joe the Plumber” (not John McCain's "version") has lost all sense of his power as an American who can exercise his right to hit a clean sidewalk (thanks to public works) in PROTEST.

Frankly it’s hard to believe the entire middle class hasn’t converged upon that narrow little New York road called Wall Street with megaphones shouting: “bring us their heads on a platter.” Obviously the "Cheney Administration" has managed to do precisely what it intended.. make average americans feel they have no right to speak out - doing so brands you "unpatriotic."

The fact is, OUR numbers give us the power to "take back our country" from those few who have literally stolen it!! I propose a grass roots movement to do so. Let's organize a day that we all fly to New York and instead of signs.. let's bring silver platters - symbolic of our demand!

During the civil rights movement changes were made because "the people" were willing to step forward and say "no more." I have worked too hard for the past decades to now see 80-percent of my savings lost in two weeks time. Who is going to pay for my two small children to attend a good college now? Certainly not Jordon Belfort - or any other of the FAT CATS who he chums around with. Thank you to New York Attorney General Andrew Cuomo - (who besides Anderson Cooper) is the only person with the courage to call for action. He has threatened to bring legal proceedings against AIG for squandering money on themselves, even AFTER the bailout.

There is no end to the greed, corruption, and immoral attitude of these corporate leaders. Frankly, I am sick and tired of it! Please CNN.. follow these so-called leaders around with your cameras. Fly over their McMansions with your telephoto lenses and show us how they are living. What expensive outfits are their wives are buying today? Expose the lavish trips they are still taking on their private jets! - as we will now give up all kinds of basic necessities just to live!

Let's use the only power we have left Americans!! What day would all of you like to converge on New York? and then - Washington?

I want MY money back - I actually worked for it!

Why do we stand for this? Our forefathers drove Britain back on the principle of no one getting something for nothing, "Taxation without Representation." Today, we should be screaming, "Socialized Lost without Accountability." The government of the US was formed from such a tremendous 'deregulation' of the market. Now, the government has lost its passion, and seems to believe that financial tyranny is preferable to hard work and sacrifice on the part of a now weak, soft people. Come on! We're Americans. We're supposed to work hard, be tough, and not allow rich aristocracies to take power over us, physically, politically, or economically. We need another revolution in this country, and if you think it's going to come from one of these two we've got running for president, or without sacrifice by the American people, you're dead wrong. Your ancestors sacrificed everything for the mere hope of freedom. Now, as we're losing it in our generation, we've successfully said, "We don't mind, bail us out so we don't have to think about it right now." This is wrong. This generation wants to spill all its problems over to the next. The next generation shouldn't stand for it. Hard times call for hard responses. Maybe the up an d comers shouldn't stand to inherit our blunders. Maybe its time they stood up in revolution against their corrupt oppressors and beat their plow-shares into swords. Don't let these evil, corrupt people take a promising future from you for their own purposes. Stand up and take it back.

8)

I laugh every time I read something like this. Who cares about this guy? Who cares that he lived a fraud lifestyle. Who really cares? I don't...he did not take my money...if he took yours then send me some of it. haha...what a joke.

How pathetic and uninspired, trying to live like a character you saw in a TV show or movie. Our culture is so creatively out of gas its embarrasing. True heroes such as Franklin D. Roosevelt and Dr. Martin Luther King did not emulate imaginary characters they attained true greatness by doing new exciting things and breaking new ground. Everyone wants to be a glamorous celebrity anymore whether they have talent or not. Look at WallStreet, all that big money nonsense and now it went bust and they had to get bailed out by the gov't because these people were failures at what they really do. Pathetic, I have no respect for these no talent losers. And to the author – I'm not trying to emulate anyone, I'm doing my own thing.

Our current situation is pretty much summed up by a speech given by Vaclav Havel of the Czech Republic in 1990 at the time they were freed from the bonds of the Communists. Some have called this one of the most influential speeches of the 20th Century. Certainly resonates in the U.S.A. right now.

---

We live in a contaminated moral environment. We fell
morally ill because we became used to saying something
different from what we thought. We learned not to believe in
anything, to ignore one another, to care only about ourselves.
Concepts such as love, friendship, compassion, humility or
forgiveness lost their depth and dimension, and for many of us
they represented only psychological peculiarities, or they
resembled gone-astray greetings from ancient times, a little
ridiculous in the era of computers and spaceships. Only a few
of us were able to cry out loudly that the powers that be
should not be all-powerful...

The previous regime – armed with its arrogant and intolerant
ideology – reduced man to a force of production, and nature to
a tool of production. In this it attacked both their very
substance and their mutual relationship. It reduced gifted and
autonomous people, skillfully working in their own country, to
the nuts and bolts of some monstrously huge, noisy and stinking
machine, whose real meaning was not clear to anyone. It could
not do more than slowly but inexorably wear out itself and all
its nuts and bolts.

When I talk about the contaminated moral atmosphere... I am
talking about all of us. We had all become used to the totalitarian
system and accepted it as an unchangeable fact and thus helped
to perpetuate it. In other words, we are all – though naturally
to differing extents – responsible for the operation of the
totalitarian machinery. None of us is just its victim.
We are all also its co-creators.

Why do I say this? It would be very unreasonable to understand
the sad legacy of the last forty years as something alien, which
some distant relative bequeathed to us. On the contrary, we have
to accept this legacy as a sin we committed against ourselves. If
we accept it as such, we will understand that it is up to us all,
and up to us alone to do something about it. We cannot blame the
previous rulers for everything, not only because it would be untrue,
but also because it would blunt the duty that each of us faces today:
namely, the obligation to act independently, freely, reasonably and
quickly.

Freedom and democracy include participation and therefore
responsibility from us all.

Masaryk based his politics on morality. Let us try, in a new time
and in a new way, to restore this concept of politics. Let us teach
ourselves and others that politics should be an expression of a
desire to contribute to the happiness of the community rather than
of a need to cheat or rape the community. Let us teach ourselves and
others that politics can be not simply the art of the possible,
especially if this means the art of speculation, calculation, intrigue,
secret deals and pragmatic maneuvering, but that it can also be the
art of the impossible, that is, the art of improving ourselves and
the world.

Our main enemy today is our own bad traits: indifference to the common good, vanity, personal ambition, selfishness, and rivalry. The main struggle will have to be fought on this field.

----

As Jim Webb says, it's a time to fight. Fortunately, the times they are a-changin'.

"Do not store up for yourselves treasures on earth, where moth and rust destroy, and where thieves break in and steal. But store up for yourselves treasures in heaven, where moth and rust do not destroy, and where thieves do not break in and steal. For where your treasure is, there your heart will be also." Matthew 6:19-21

I'm honestly more disturbed by the total lack of respect for the difficulty and stress of being a senior executive than i am by the fact that this guy committed fraud because he was greedy. Most people wouldn't get so caught up in being Gordon Gecko that they forgot the end of the movie, when everyone goes to jail for insider trading after Gecko brings down the company to make a quick buck. So I don't really worry about that. What does worry me is the fact that so many americans seem to believe that the only greedy people involved here were CEO's (who aparently do nothing and have no responsiblities...?) and Wall Street types. What about the people who bought houses at inflated prices through the use of sub-prime mortgages? What about the people who have racked up thousands of dollars in credit card debt? What about the people who flat out lied on their loan applications? Our governement went out of it's way to encourage a culture of over spending and under saving. It used to be that if you wanted to buy a house or a car you had to prove that you could afford it, provide a down payment and show you had a job. Then it became aparent that some people didn't have jobs, and saving for a down payment was annoying. So like the general laziness that pervades our culture, rather than try to help Americans develop good spending habits or achieve an income allowing them to afford thier dream house congress pushed banks to lower lending standards. Guess what happens when you lend money to someone with no demonstrated ability to pay you back? They default. We have people in this country with HUNDREDS OF THOUSANDS in credit card debt. There are two problems here. The credit card company should have cut them off long ago, but clearly the spender is at least, if not more, responsible for their own position. IF YOU DON"T HAVE MONEY DON"T BUY EXPENSIVE THINGS. There are a large number of Americans who manage to live within their means even as they struggle to get by. But to write this crisis off as something that the "do nothing CEOs" (has anyone ever seen one of these guys, by the way?) or the "lazy Investment Bankers" (most of these guys work over 100 hours per week) did to us, rather than something we caused them to do, enabled them to do, or did to ourselves isn't getting us anywhere. Americans, who make no effort to restrain their spending, continue to steadfastly refuse to look in the mirror and accept responsiblity for the crisis we find ourselves in.

Level the playing field by declaring every American as having an
800 credit score from this day forward. Completely do away with
any and all credit cards and have debit cards only. Either offer
every American the same health coverage as those in Congress,
that allegedly represent us, or take theirs away and return to them
serving because of some higher calling. Outlaw special interest
groups and contributions, with penalty of life in prison when discovered, without loopholes of any kind. Pass an amendment
protecting all of our civil liberties, given the fact that we are now
traversing a socialistic path.

Isn't this a form of psychosis? Wow.

We wonder what the heck is wrong with the world, and now we know, there are too many people running around thinking life is a Hollywood Flick.

I knew a number of girls growing up who thought they were Scarlet O'Hara. And even referred to the guys they liked as "Rhett Butler" when the guys were plainly nothing like them.

I prefer to live an authentic life.

The gov't is cutting back spending on education, social programs and elderly care. I hope to never hear the words "we cannot due to budget constraints." I know exactly where the money went!!! We have excused these guys making millions of dollars while americans literally starve. Just about every rep and dem should be investigated along with wallstreet. If you open up Pelosi's, McCain's or Obama's ledger you might be surprised. The same lawmakers who allowed this also benefitted from it.
We need a complete paradigm shift. What is left of our capitalist society when all the capital is gone? There is a map. Can you connect the dots.

trickle down economics is designed to benefit....the same people who now.....
welfare is strictly be design....
automakers produce substandard vehicles with poor gas mileage which in turn....
tax breaks for corporations to operate which in turn.....

These Wall Street people are not visionaries like Bill Gates or Steve Jobs who started with nothing and invented entire industries. These Wall Street CEO's did nothing but go to the right schools and shake the right hands. They are glorified salesmen who invent nothing but financial paper. The salaries and bonuses they command are obscene..........and i'm a republican! I believe that people should be paid what they earn and in minimal government interference. But, the greed has gone unchecked and there is nobody steering this economy. My only fear is that the government people who get involved in this regulation will be even less competent, cost tax payers a fortune, and become another version of the IRS.

If I may Abbie, I would like to say a little more in response to your questions; what characters are we trying to portray? How does our role-playing affect our future? And in a perfect world, who should we be emulating?

What characters are we TRYING to portray, and what SHOULD we actually portray? Those are, all too often, polar opposites. But, then are not mutually exclusive either.

Is having a role-model the same as trying to portray a character that is not in reality us, or is it the same as trying to emulate somebody else? I think it is good to have role-models so we can be inspired by another person's actions and behavior. But, we are NOT that person, we have not experienced the same challenges and obstacles they have, nor de we have the same sets of skills and abilities.

To try to emulate or portray somebody else is an excersize in futility. We are ourselves. Approaching our life's issues ans situations through the eyes and ears of another person's experience is like wearing somebody elses glasses. Just because they are glasses does not mean that they will help our vision, they could in fact make our vision worse and further damage our sight.

My point is that we are ourselves. We are unique. Yes we can take heart in another person's triumphs and success, and perhaps applying some of their ideas and strategies to fit our individual situation. But to try and cut-and-paste a plan of action, a lifestyle, and a way of approaching the road of life is a mistake. The minute we try to keep up with the neighbors or the person in the corner office, we lose sight of ourselves and our own role in this world and start on a path that will only lead to frustration and impossible dreams.

We need to look into the mirror and see who's looking back. Yes, Wall Street and CEO's are a problem, however, when we all saw our 401K's going up and we starting talking about early retiement no one really cared about CEO pay or Wall Street ethics. We just wanted them to make more money for all of our 401K plans and stock in general. We all saw this coming, if we are honest. Who in their right mind would sign for a house knowing full well they couldn't afford it, with a plan that called for paying just the interest on it. Who in their right mind would allow a person to apply for and get a loan with no documentation...no one, but our 401K kept on going up and up and up as did home values. When my daughters tell me "Wow, Dad, I am making $75K" I tell them what my grand-father said to me " it's just a measurement of how much your dollar today can't buy compared to what it could buy years ago" Remember, after WWII in Germany it took a wheel barrow of money to buy one loaf of bread. True, different times, but very similiar...
So, as I said earlier, look in the mirror and tell the person looking back, "you are part of the problem and part of the solution..." As I have said to my daughters, "live within your means, increase your means through education, skill, and experience, but live within your means."

We all should be emulating the great one, Al Bundy ! Although many circumstances rarely worked out in his favor for him he always id the best he could and had the right intentions. That's what made hime different from the wolves of wall street, not the money.

Obivously this person is worthless, really never had anything, he was EMPTY, so the hell with him. WALL STREET, look at the CEOs of these companies, they need to bring crimminal charges against them, and they should pay the money back to Taxpayers. They must PAY!

OK-Capitalism doesn't work anymore. Shall we try Democratic Socialism for awhile and see if we can do as well as the EU?

Does anybody answer direct questions anymore?

Gordon Gekko was a fictional character and as such is an exgeration which is the case with most fictional characters. While there's things to be learned from exgerated characters (i.e. while ambition is good, boundless greed is not), living your life in direct emulation of one is straight up stupid as the "wolf of Wall Street" and his $100 mil in the hole can attest to.

A fool and his money will soon part ways.

Do any of you people really think that any of this is going to stop on Wall Street? The recently announced $500K pay cap is a joke...all you have to do is pay the guys $300K and give them $20mio worth of stock or options.....bingo, theyve just gotten around it. why do you think no one on wall street is protesting this????? because they all know its a sham. paulson is just protecting his cronies. (and its well known that paulson just took the treasury job in order to not have to pay capital gains on the $500mio of goldman sachs stock that he owned.) chris cox (SEC chairman) refuses to reinstate the uptick rule, he refuses to mandate that hedge funds discolse their short positions....theyre all just looking out for each other. dick fuld wasnt even anywhere near the highest paid person at lehman...the heads of the trading desks all made more than fuld but those dont have to get reported to the public.

in the 80's it was junk bonds, in the 90's it was tech stocks, in the new century it was mortgage securities....cant anyone see that wall street will ALWAYS find new ways of scamming the system and then create even newer ways after they all blow up.

I think it interesting that the main character of this column should be asking questions regarding what character a person should play. The blog's author indeed looks very familiar like a Michelle Pheiffer in the first place which probably was the reason why the Wolf of Wall Street aaroused the question in the first place. Which begs the question: Must we play that character whom we look like in life. If that were the case, I hav ebeen either a Scott Backula, David Duchovny, or Richard Gere and none of these characters arouse a kind of kindred spirit to associate with, other than perhaps Duchovny, and X FILES.

DON'T HATE THE PLAYERS PEOPLE. HATE THE GAME.

Wall Street should not get all the blame here people..........I am sorry you lost your retirment, I realy am, but you should have saved more, you should have diversified better, stop buying new cars every few years, stop piggy banking your house. It takes two to tango, all Wall Street did was cast out a line and you people bit hook,line and sinker.....

This story just breaks my heart. I agree with everything Carol said in her post as well as the others.
I'm 26 yrs old and I went through a similar situation right after college. You know, in college they fill you up with hope and what you should do to succeed in the real world, but when you actually get there it's nothing like it. I saw abuse of power and no one saying anything; I saw Directors of Nursing claiming they had 5 weeks of vacation when it was only 4 weeks, they took their sick days and then dimished others for "claiming" to be sick. When I and another co-worker decided to bring attention to these tactics plus more, we were alienated to the point that it drove us from the company.

These people don't deserve any MONEY, any HELP, or any BAILOUT! I had in my retirement thus far close to $8,000, I called AIG for my money and they told me that I would be taxed 10% from the IRS and 20% because I'm not of age to take the money out. Now who gives a DAMN about age... I DON'T HAVE A JOB!!!!!

Hale:

I couldn't agree more with your assessment. If you have more debt than a reasonable (affordable) mortgage, and a car payment (affordable), then you are to blame. If you got in over your head, I have no interest in, and no responsibility for, your quandry. You weren't personally responsible for your actions, and you'll have to pay the price. In spite of what your parents, the courts, the marketing world and the media have implied or expressed – there ultimately is a price you'll have to pay – and yes mam, that is fair. Those of us that aren't in debt are so because of what we've done – or haven't done. I want my income tax spent on schools and health care, not on your mortgage or your Merc payments.

Em, does the Adelaide ring a bell?

By the way for all of you that think sharing the wealth is the answer or capping salary at 500k grow up, this is america, work harder, get a better education, your story is wearing thin, i worked my butt off to get where i am, i came from a blue collar up bringing, I will be damned if I am going to share my money, it seems like the lower classes want a hand out........the ceos work harder than any blue collar union jerk off ever has, there are no 40 hour work weeks, or union bennefits you take what is yours and you take it before your competition does,America has become a country of whiners and wimps.........work harder, work smarter and may you to can have a little more money

Wall Street does have a place in our society and economy, as it is one of the most important engines to drive the world's financial system. For people who do not understand Wall Street, I do not think they realize how important Wall Street is to our economy (i.e. the bailout program which so many ignorant people hated only until their companies started going out of business or until their 401ks started declining). Wall Street guys should be compensated more because they work their butts off. Also, most people do not realize that $300,000 in NYC is like making $100,000 in Rochester, NY.

However, Wall Street guys should also be punished harder if they do wrong – and this punishment should not just be in the form of losing their jobs, but rather should be in the form of fiduciary liability as we are stewards of other people's money. There should be some sort of retroactive punishment for managers blowing up their firms and funds.

In summary, I think people who do not understand Wall Street should not be so quick to judge. However, as someone who is in Wall Street, I do agree that there should be tighter regulation and oversight.

Greed should be punished, but ambition and motivation should be rewarded... and there are a lot of good "God-fearing" "family loving" Wall Street guys out there.

Buy it. Sell it. Make a profit. It doesn't matter what it is. Doesn't matter if we need it or want it.
It's All Tuna! is where you can find out about how the "market" treats its customers. Our lives are something for them to buy and sell and on which to make a profit. When the profits begin to fail, they make us "lend" them our futures too.

Kevin Phillips wrote in Bad Money that the Canadian financial community a few years ago wanted the government and news media to declare a credit emergency in order to get a bailout. They failed to get what they wanted. Our Congress was not so smart. Naomi Klein wrote us a history of laissez-faire economics in her book Shock Doctrine and demonstrates how far the powerful financial institutions will go to make a profit. Rampant Capitalism is just as bad as zealous Socialism.

The non-sustainability of unregulated capitalism comes because of the predation that is part of the financial culture of people who see The Market as a place to buy and sell without regard to the collateral damage that is done. We all love the gasoline that comes from oil and the US buys 25% of the Niger Delta oil production. The people there live in the worst poverty and polluted environment on earth. But the market measures it performance in profits not quality human lives.

Non-sustainability leads to the Principle of Imminent Collapse and future misery for billions of humans.

If he had the 100 million he owes it should have been taken from him before he got out of jail. If he doesn’t have it then he’s broke. When someone is broke, they live in a small studio apartment, paying month to month or maybe even week to week. They have no transportation beyond walking. They eat whatever they can cook on the hot plate in their apartment. What do you want to bet that this does not even remotely resemble Belfort’s post –jail lifestyle?

Unless the people who cheated, deceived and stole pay a heavy price of long prison sentences in real prisons, not rich people jail, nothing will change. Give it a few years for the market to come back around, and then you will see the same greedy and selfish b*s* again. No serious consequence equals no serious change.

If I steel a candy bar I go to jail, and that’s why we don't steel. However, in the USA there is a different standard for people with money, and I bet everything I own, which isn't much, that hardly anyone spends time in jail for the Wall Street scandals.

If you want real change you have to do something about it that extends beyond changing just yourself. Reach out and push for change, even when it seems impossible.

I am rich. No silver spoon. Made it on my own, including working in the investment banking and real estate industries. I got rich because I desired to work in such a way as to have the potential for unlimited income. I just couldn't punch a clock and recieve the same paycheck each month. I have suffered at times for my choice, but it was my choice. Ethics, integrity and fairness are a permanent part of my daily constitution. Some people have them and some don't. That's the way of the world.

I too am ticked off at the recent financial fiasco. It has cost me a lot of money and more to come. However, I am a capitalist to the core. The securities and investment banking industries have provided money and funding to thousands of small business entrepenuers who have fueled a great economy and we have exported this financial technology worldwide. We have just witnessed a historical event in the finance history. Time will tell if it will work as planned. I believe it was the best of a lot of bad choices and the alternative could have been much worse. The Great Depression is the primary example. It caused worldwide pain and led directly to WW2. This fragile global economy does not need that kind of choas.

Of utmost importance is to make sure that the wheels of our economy don't slow down any more than they are slowing down now. We must have a large supply of capital and credit to consumers and business. Let's not overreact, over regulate, and demonize an industry. And let's not condemn highly paid executives. I work to make as much money as I possibly can, live a responsible life, and create value for my employees, customers and my community. We have a free market system and it will work efficiently. The days of derivatives, subprime credit and credit swap defaults are over; but creative financing is not and new products will be offered and should be offered as soon as possible. Caveat emptor!

I read his book and his lack of morality permeates every part of it. Jordan Belfort is a complete failure as a human being. What else can anyone say?

The person portrayed here is just one type of person that we all seem to think caused all of our problems. The fact is that the problems were caused by everyday people who decided that they absolutly had to have that half a million dollar house when they knew the only way they could do it would be to take a loan paying only interest for 3-5 years/with a variable rate they could not afford.

The warnings were there for years and everyone ignored them. Do the CEO's of the world have something to do with this, maybe, but in THIS instance it is 100% the US population that was at fault and we now expect the government to bail us out. now THAT is a real problem, my taxes have to go to help people who were not responsible enough to think ahead.

I know a person who actually advised me to take out a home equity loan in order to put a downpayment on a second house. And then "flip" it. he did this until he went bankrupt last year. Nothing to show for all of his so called high living. So now we have to bail HIM out?

I agree with much of what hale said....

Who's fault is it? Everyone and no one.

It's the government's fault for pushing for lower standards....

It's the home buyer's fault for being completely irresponsible and taking out loans they know they couldn't afford.

It's the home owner's fault and/or home investor's fault for quite willingly cashing in on the real estate bubble (which in large part was caused by the flood of home buyers) – flipping property, selling their house/property for a ridiculous price just because they could, taklng out large home equity loans on that BOOM, etc, etc.

It's the banks fault for actually lowering their standards and handing out money to those who had no business getting it; and then making a large profit off of it by selling those loans.

It's wall street's fault for going too far in the securitization of those "unwise" loans and making and increasing bets on something that was destined to collapse at some point.

In short, anyone, who in any way shape or from profited form the BOOM has resonisbility in this mess. That virtually inlcudes everyone in this country, from the CEO to the gardner who got more work because of the all the people who earned 50,000 a year but purchsed a 600,00 house.

Get my point? Maybe there are a few people who truly had nothing to do with this but there are not many, that is for certain. The fact is no one at the top or for lack of a better word at the bottom of the food chain questioned a damn thing when there was a BOOM. To turn around now and cry wall street wall street wall sreet, is ignorance on our part and in fact just as shameful as what led us here. The entire population is greedy, not just wall street.

In reality, its everyone's fault, and therefore no one's. We ALL need to learn from it, move on as best we can and try not to repeat the same mistakes – but please stop throwing stones when you live in a galss house.

SDN:

Unfortunately our income tax can't be spent on schools or health care (even though the past administration never intended to use money for those honorable purposes anyway) - now the money HAS to be used to prop up our failed economy.

I personally have no debt. I own my cars, have 0 balance on my 6 credit cards, and pay my monthly mortgage payment promptly on time. I've done it all "right." But I believe that the failure of this economy cannot be blamed on those who took out loans and/or credit cards they couldn't afford. They would not have been able to do so if it weren't for the preditory lenders!! Yes, those who took the loans will pay the price, the question is: will the lenders?

BTW - how do you feel about our tax money being used to spread "democracy" through a war that is costing us 16-billion dollars a month. That would certainly pay for a lot of books, and checkups!

American society has changed since the good ol' days of the 1950's with the idea of credit. See, people in that era had only one car, a modest home and for much of the time only one income coming into each household. The media has influenced all of us, especially our youth with shows like "sweet sixteen, the Godi kids and all the great lives of celeberties" and what do these kids go off and do? They emulate these kids and want what they have, pressure is then placed on each parent to provide, provide, provide. But lets not blame this solely on our youth because adults are no different – instead of looking up to our parents for these 'extra' things we run to the bank, pull out loans we dont need and buy almost everything on credit. Some example we are.

To sit here and be upset and blame CEO's and corporate executives is preposterous because we all let this happen. Do those greedy people deserve to be punished? Absolutely! They should pay every excess amount of fraudulent money spent. However, this must have lifestyle is inbedded in us. Our society will still try and figure out new ways to have it all and eventually another economic downturn will re-surface. We all need to focus less on materialistic things and more on family, community and econimic stability for all.

The idea of a perfect world depends on one's values and beliefs. In mine a perfect world is where we all have the freedom and ability to live peacefully and comfortably. In a perfect world I would emulate families like the brady bunch but instead alot of us emulate households like the Kardishians, MTV cribs and Ashley Simpson when they can only really afford to live the of The Waltons or Father Knows Best.

Matt,
You need to grow up and learn something other than greed and selfishness. You seem very narrow minded.

I agree that some people are only looking for handouts and we need a system that doesn't help those who aren't trying to help themselves or our society. However, there are plenty of people who work for a reason other than money, and without them our country and this world wouldn't have the opportunities you have had. Do you really think the teachers who taught you teach for the money??? Please, grow up, open your eyes, and your mind. Just because you may know business doesn't mean that you know how the world works.

Another thing, if you think all, or even most, CEO's work as hard as the people under them you really don't have a clue. Do you have any idea how many people work for a salary and work far more than 40 hours. All you have to do is go to a golf course in any town and you will find CEO's who consider golf with business partners "hard work". Get real! I’ll debate your narrow minded butt any day.

Tell me Matt – have you, in your entire career, actually produced something tangible? Are you a steelworker, or a teacher, a building contractor, a dam builder, an engineer?

Perhaps you've (unintentionally?) revealed your true self with expressions such as "lower class", "blue collar union jerk-offs" and "I'll be damned if I am going to share my money". I suppose my perspective is more like; the difference between the price of an Jetta and an Enzo is several thousand lives lost to starvation. Oh well.......

How exactly do you determine "what is yours"? I just couldn't resist asking the fundamental question; "How much is enough"? I suspect you, Richard Fuld and the balance of the American Aristocracy have a common "mindset" (if you'll pardon the expression). I think it's historically been called "shit on your neighbor" – by just about everyone – from however, very different perspectives.

Makes for a very civil society – don't you think? You can do what you want to "lower class blue-collar union jerk-offs", and they can do what the want to you. Last time I heard, that exercise is called 'anarchy", and it is very dangerous ground for amateurs.

SDN,
Good point. Matt lives in a very small bubble that people with greater minds protect for him.

MM,
Pure Capitalism doesn't work. Pure Capitalism doesn't work, pure Socialism doesn't work, and pure Communism doesn't work. There is no one answer. It requires a delicate balance of social support and capitalist drive. However, in order for the balance to work everyone must understand both sides of the solution and work to keep it balanced. Otherwise, we swing wildly from side to side, and never make any real progress. Balance in government, balance in society, and balance as individuals.

This is a load of ****. Blaming everyone on Wall St for the collapse of the housing/credit bubble – which is a global problem – is ridiculous.

The bubble was years in the making and involved numerous misjudgements of risk in the process from borrower to mortgage broker, to securities firm to ultimate investor. cases of fraud are probably concentrated w/ the borrower (lying about his income) and the mortgage broker (pushing a loan & misrepresenting the risk). But because the public is unwilling to understand the current situation, or take responsiblity for their own financial decisions, it is easier to blame wall street – even though they were middle men in the transactions.

There are some bad apples but that is the case w/ any profession. But because a person makes a high salary that does not make them greedy. Many of the wealthy are extremely generous in their donations, so it is not fair to stereotype. Furthermore, models, actors, and athletes make obscene amounts of money, but if that is what they can command so be it. Investment banking/trading demands more hours than most people work and it is risky in that you can be fired very easily. Some people have to make their money in the good years.

I am not trying to defend the performance/morality of everyone but blindly blaming "the greed on Wall St" is stupid and dangerous.

Nanette:

You should be proud of yourself. I do, however, take exception to one thing you mentioned; even in a world of "predatory lenders" (and innumerable others of the same ilk), we are all responsible for the decisions we make. The predators are, without doubt, more clever than most of us, but still, we do make those decisions. I just don't see the logic in paying my mortgage, and helping my neighbor pay his.

You are certainly right about the war(s) – we've invaded a couple sovereign countries, and executed a head of state. Federal law prohibits these acts. Federal law and international laws strictly forbid torture under any and all circumstances. We have chosen to ignore this – to the peril of our troops both now and in the future.

I wrote a little ditty about my views on our present mentality – so I'll paste it on. It is bound to inspire comment – both positive and negative.

I’ll say this; as long as our cultural heroes and heroines across the globe are soldiers, our so-called “civilization” hasn’t a chance of long-term survival. Our “progress”, in the technology of slaughter on a massive scale, has assured us of that. Soldiers, worldwide, are for the most part young – naïve, impressionable, innocent people that have been conned (trained, programmed – rationalize as you wish), in the name of “patriotism”, into advancing, at the cost of theirs and countless other’s lives, the interests of a small group of singularly remorseless, utterly self-absorbed Machiavellian aberrations of the human spirit. Hard to imagine someone who has accumulated a vast fortune, selling weapons to both sides of a conflict, possessing sufficient myopic arrogance to accuse child molesters, drug dealers, or anyone else for that matter, of being “evil”. Soldiers, their comrades, their families, their friends, their neighbors, their country and this planet are the gruesome, painful and permanent victims of these lowest of life-forms. Millions of other blameless and helpless victims, sadly, follow in kind.

Where we ever got the idea that economically disastrous, meticulously organized, socially, culturally and religiously sanctioned maiming/suicide/genocide was in some way ‘justified’ or ‘holy’, is way, way, beyond my intellectual and spiritual scope of comprehension. If we choose, for example, teachers as our inspiration, or heroes, our chances of surviving the next 100 years will rise exponentially. How many of these same soldiers possess the preference, will and abilities to become the future’s most inspiring and encouraging teachers, physicians, authors, artists or scientists? I suggest virtually all of these young people have the requisite qualities. I support our troops – not with the tools of horror and death – but with my confidence that they could and would make the future of our planet and our species a far more appealing prospect than the pandemic mayhem that now surrounds us.

Brian,

Unfettered capitalism and pure laissez faire is not what I, nor the CEOs that I know promote. On the other hand, we have a "headline" oriented public who generally doesn't even begin to "understand both sides of the solution" and as such, we are likely to have one of the most Socialist Presidents in American history. Joe the Plumber asked the question and Obama said that it would be "better to spread the wealth". I live in California...a long held Democratic state with the highest income taxes, sales taxes, gas taxes and regulations that drive out businesses everyday. Los Angeles is like a third world country because so much money is being spent on illegal immigrants and not on infrastructure. So although Matt's characterizations of the "lower classes" precludes intelligent discourse, I understand his disdain for sharing his wealth with others.

I absolutely think that everyone should have a role model. My question: should the role model be self serving at the detriment of others?

As for Wallstreeters, they have, in effect, bankrupted our country (if not the entire global economy) and they are getting off without a scratch. Not only that, but they devised a brilliant scheme by which they transfer the bill onto us.

Of course they are brilliant. They are all buddies from the same alumnis that teach that greed is good and government regulation is bad. These lessons are their mantra. They do, however, incorporate a footnote that states that government should intervene to sell the little people a scary story when funds are needed.

The politicians and wall streeters (one and the same) scratch each others backs. Treasury secretary Paulson is an old crony from Goldman Sachs who proposes that the bailout should be funded by taxing the American people a trillion dollars. That money will then be used to employ his cronies like Bill Gross to manage and allocate these funds.

In other words, those who made billions getting us into this will now make billions 'managing' us out . Brilliant! Pass the champagne and caviar.

They use the media to bombard us with propaganda about how WE must foot the bill or else WE will be responsible for the downfall of our economy. The media aggressively complies and shouts this message at us every second of the day. Selling stories is their business. This makes for great headlines. Predictable.

Paulson implores congress to act 'urgently'. No details needed because this stuff is too complicated for little minds. Trust is required that the brilliant will do what is in America's best interest. Congress, in fear of losing their comfortable living, and being blamed for the demise of our economy, passes the buck. Predictable. Mission accomplished. Pass the finest scotch you have!

Well done. Can you blame the brilliant for hosting a shindig to celebrate their brilliantness. The little people pay $1 trillion to solve the 'problem'. They make billions managing the trillion, continue to live in mansions, drink the finest champagne, drive ferraris, and fund their elite institutions. In fact, and of this they are most proud, the confused little people are greatful to them for the 'rescue'.

Finally, the brilliant pay off their cronies with contracts, appointments to high office, donations to their elite educational institutions and life is VERY good.

Mysteriously, the mantra in our elite educational institutions continues to be: 'Remember, no government intervention (while we make our money), just bailouts (when we get into a mess)' ...but let's put some fancy words around it so that the little people will be too confused to figure it out. And let's require that our students take an 'ethics' class so it will look like we 'give a ___'. Brilliant!

Oh...stay tuned for Oliver's movie; guaranteed to create another generation of self serving _________________.

Your own greed is taking you where your deserve to be, every Empire falls for the same reason...GREED!

MM:

That too is a fundamental misconception or is intentional misdirection. The securties and investment industries have not provided one cent of money or funding to anyone – American (and other) investors have. The issue is this; while the securities and investment industries have passed the investment capital from the American investor to the American businessman, they have taken for themselves a commission that is, and has been, an insult the American public will no longer tolerate.

Predatory lenders....sure. on 360 last night there was a story about a company that was taking information from potential home buyers, then changing it to make them qualify for a bigger loan and subsidizing the mortgage for a short period of time so no one was any the wiser. This kind of fraud must be punished to the full extent of the law. and if the law doesn't go far enough then we should change it to go farther. In my opinion any company that was found to be comitting mortgage fraud on this scale should have to pay the mortgage out of their own pocket and give the people the home.

But lets not confuse Predatory action, intentionally taking advantage of people, with general stupidity on the part of everyone involved. Where is the predation in loans that were given out in good faith following the laws that encouraged or required such loans? We're all culpable here. I live within my means as well, but that doesn't mean that I don't root for the stock market to keep going up and it doesn't mean I asked enough questions loudly enough. Until people stopped watching Paris Hilton and music videos and shows like entourage that encourage the worship of conspicuous spending we will continue the cycle of valuless over consumption.

CEO salaries have escalated massively in recent years in part because of the use of "executive compensation consultants" many of which have conflicts of interest above and beyond the inheirent conflict in their very existence. Boards are hiring people to consult on the compensation of the board memebers. Obviously these consultants try to justify as large a compensation package as possible, otherwise they won't get the next job. In addition many of these "independant" consultants are receiving a fee many times larger for other consulting opinions rendered to the same company, brought in by the same executives whose salaries they are advising on. Where is the outrage at this? Where are the laws regulating this behavior?

MM,
What do you really expect from a system that swings from one side to the other when one side goes too far? We have had a very irresponsible capitalist driven system in place for the last 8 years, so now we will swing equally as far to the other side, most likely anyway. However, I think you are wrong to say we will have one of the most Socialist Presidents in history. Are you prepared to say that we have had one of the most irresponsible capitalist presidents for the last 8 years? Also, you are judging someone before they have had a chance which is wrong. On top of that you are caught up in the crap McCain's campaign leaders are shoveling. "Joe the Plumber" isn't even a licensed plumber, he doesn't earn what he claims, his boss isn't selling the business, and his boss doesn't make over $250,000. It’s all bs. Do some research on that guy outside of McCain talk and FOX news. Research anything a campaign says before you take it as fact.
The fact is that irresponsible capitalism created such a separation between those at the top and everyone else that something has to be done to close that gap or the system will completely fall apart. To be clear, I hate the two party crap pile of a system we have, but that is what we have and you need to realize that no side is always correct. If we stayed with one side for too long the entire system would collapse. Those at the top need us people in the middle and bottom to have money too. If you don't understand that then you are blinded by your money as to how economics really work. Are you going to buy your own products and/or services? The system needs rebalanced, but not a leveling out and leveling is not what Obama proposes. Again, you need to do some research.
People at the top always support top to bottom economics (i.e. "Reaganomics" or "trickle down") which is a completely idiotic concept/economic strategy, and they never support giving some back even when they have been given too much. That is called greed. The reality is that those at the top have had their party, their day in the sun, their wide open capitalism and they made a killing off of it, but it has created serious problems. Now a correction has to be made. The party is over. It simply has to swing the other way unless you want things to get worse. I think everyone is somewhat responsible for the problems we have, but greed was the biggest cause and those people at the top are the greediest of us all. Time to pay up.

SDN,

I'm not sure what misconception/misdirection you are referring to. I am aware of the middleman aspect of Wall Street...an essential ingredient to many types of industries. I don't agree with you though that Americans will not tolerate high commissions or compensation. It is the law of supply and demand and if it (capital) is in demand enough, people will tolerate the middleman's compensation in order to get affordable and readily available access to a needed component of the daily business of life. Should we cap CEO salary? No. Should we have better oversight of Wall Street without hamstringing them? Yes.

My concern with the tone of the blog in general is that somehow "business" and super successful people are to blame for all of life's ills. It's naive and reactionary.

MM,
The problem is that CEO's and investment middle men get these ridiculous compensations without proving that what they have done will work and won't cause long term problems. Hell, even if what they do fails miserably and creates tons of problems they still get massive compensation while everyone else pays for the mistakes. That’s not right.

Hale,
Good point. I agree.

Brian,

There is a "market" for the services middlemen provide, regardless of industry or country. It just so happens that the Wall Street "market" for services is at the highest end of all the norms for really any other industry. And now, to the credit of a free enterprise system, that "market" price for those services will be greatly devalued and restructured to align with shareholder values and fiduciary responsibilities to the actual source of the funds...namely investors like you and me. And that will occur. Bear in mind that their fees are often fixed for a particular investment sold. When a stock or other investment goes up in value substantially, I don't see investors wanting to pay extra for the recommendation, underwriting or due diligence. Risk cannot be ignored as a fundamental fact of life in investments. Risk reward is why we invest and all those buyers of mortgage backed securities were hoping for high returns, without fully understanding the risk...so they bought the AIG insurance which had no capital reserve behind it.

Unfortutnately, the market is not as efficient with the respect to the elected "servants" of our government. We continuously have incompetent and corrupt politicians who spend more than half their time consumed with perpetuating their careers and not providing "service" to their constituents. This prez campaign, and the choices before us is a sad commentary of our times. I'd like to see a good solid businessman run the country, like Buffet, Gates, Bloomberg, Forbes. But no, we have to prioritize where one stands on abortion or gays first. I'm more disgusted about this than the financial mess, but I guess that's for another blog.

Congratulations Carol A. Entwistle – your comments were on the mark. Just look at the daily gyrations of the Dow on Wall Street – the stock market is no longer a barometer of value, but has become a "casino game for market gamers" interested in quick profits, with no real interest in the company, it's long term value or growth – in fact they will be just as happy to profit selling it "short" for a gain as it's value slides ; the Amercian dream of home ownership has digressed into 30 minute infomercials on buying foreclosures or investment homes "with no money down" for a quick turn around and profit; and, the majority hard working employees in many corporations – the backbone and reason for success of those companies – have become pawns for the select in management, chosen for their "ability" to manage and grow the business, who manipulate them and look for ways to squeeze every last bit of their knowhow and ability to increase the bottom line – not for the long term – but to push their bonuses and stock options higher before the inevitable fall due to selfish and foolish planning after which they golden parachute away and a new elitist management group comes in and outsources staff so they can begin building their bonus base. And so it goes in an endless circle – which must stop! America grew when there was a relationship between management who cared about and wanted their business to succeed and cared about and took an interest in the employees who provided the hard work to make that happen. We need that synergy and cooperation again

He's going to pay the money back.... I won't hold my breath...on that.. Who are kidding..

MM,
I'm not saying that there is no need for middle men. Sometimes I think they are overused, but they definitely have a place. It is there compensation, and certainly CEO compensation, that bothers me. Compensation should be based on performance if it is going to be so damn much. Prove your weight before we pay you it times 1,000,000 in gold.

One of the wolves salary for a year would have saved all the teacher's jobs at the Dallas Independent School District. Something definitely smells bad in this world.

Also, if they sent Martha Stewart to jail for a few thousand dollars trade short sell, why don't they throw the key away for all the Atilla's on Wall Street and the Investment Firms that bailed after bankrupting the economy. There ought to be a way.

The recent defrauding of the American public by the financial sector, as well as Wall Street has resulted in a real threat to our National Security. I think this threat certainly falls under the Patriot Act and these individuals should be rounded up and sent to Gitmo while the FBI finishes their investigation! If any of us citizens defrauded this country in the Billions of dollars, borrowing money from overseas markets to cover up bad money dealings (like money laundering) to inflate our earnings to make our stock look better than it was we'd be behind bars while the FBI built their case. We sure wouldn't be allowed to run around and spend the money that our working tax paying public made possible and now suffers as a result of. This is the more horrendous criminal action by the rich elite I've ever witnessed, and I hope they all get their due – but I'm afraid the law doesn't work the same way for the rich as it does the poor or working class. Shame on us for letting them get by with it.

Fact – Carol comment #1 is very accurate in her assessment of Wallstreet and the way these people think and act. I worked as a sales assistant for a short time and in operations and the greed and selfishness of not only the CEO's, but everyone in this industry is rampant. There are no morals, no concern for others, only selfish interests and concern of more money to feed their addiction. I am a widowed mother and was pushed out the door by them with a "I don't know what you are going to do". These people have no conscience, it is called being a sociopath and is very similar to any type of addictive personality, whether one is addicted to money, drugs, alcohol, gambling, work...no matter...they are willing to do ANYTHING to get their drug and keep it, they do not care who they hurt in the process or what they lose. They also, blame everyone around them and try to make them feel guilty for making them face their own shortcomings, they are spiritually bankrupt, need to get right with God and will always have to avoid the very thing they are addicted to. These people are addicted to money and the ease of making so much money with the Market, it is like gambling, no different, plain and simple. They can make every excuse for the way they are, are never going to change until they accept reality and consequences are the only answer for their behavior. The middle class have every right to be angry. The President of the United States only makes a couple of hundred thousand dollars a year for running the country. These people and others like the, atheletes, movie stars, etc. are narcisstic and grandiose and crazy in thinking they are worth that kind of money. Fact is no one should be making more than the President of the United States, his responsibility for running our country is astronomical, he deserves such pay. No one else should even be making close to what he makes. As well being wealthy does not mean a person is a good person or successful, it is in how they built that wealth and how they use that wealth and in how they treat others that determines their character, worth, and success in society and in their future spiritual life. I come from both sides in this discussion, have worked in the investment industry and seen how it operates. I put myself through business college with loans while raising a child on my own and working fulltime. I worked my way up from working in factories and retail jobs and I come from from a hardworking middle class family who owned our own business. Yet, even though I have two business degrees I cannot find the desire to want to work in this industry after seeing the corruption, greed , lies, selfish and uncaring cruel attitude of those who have so much and do so little for others, they do not appreciate what they have or share with others. Money cannot buy character, or class, or respect, and it certainly cannot buy back your soul.

Two "good" things about this mess:

1) The government doesn't have to worry about all us baby boomers claiming our social security retirement checks just yet.

2) Nor will boomers be siphoning all that 401K money out of the pockets of those who benefitted from our massive retirement investments for the past 40 years.

I can't deny suspecting 20 years ago that something like this would pop up. Unfortunately, I can't get over how dumb I was not to go with my gut and get out 5 years ago.

MM:

The misconception/misdirection I'm referring to is this; "The securities and investment banking industries have provided money and funding to thousands of small business entrepenuers who have fueled a great economy." As I said, these folks haven't "provided" a dime of this "money and funding" – the people that invest in American business have provided it all. Schools, hospitals, highways and the rest of the infrastructure of this nation can be built without a single moneychanger. These are built with money. Get rid of the moneychangers, and what do we have? Money – and these facilities for all our citizens. Get rid of the money, and what do we have? Moneychangers.

Attempting to justify a man making a half-million dollars a day is insulting to the spirit of humanity. Bob Dylan was right on the button 40 years ago when he said; "The pump don't work 'cause the thieves stole the handle". What could be more succinct a discription of the cause of the current world economy?

Yo, RWK...many of us boomers have made the market that you are accusing other of siphoning 401K money out of your "MASSIVE INVESTMENTS" of the last 40 years. Listen Bub, my husband and I started investing in our's when they became available in the 1980s...funny thing, you probably made money off of our investments also or are you just a stock trading snob??? Get off the me-centered crap...the ups and down of the markets affect a whole lot of people here...it is just not all about YOU. More money that was infused into the market in the 1980s by 401Ks, IRAs, gave you more opportunities, not less. No one robbed you of a thing!

If the boomers are smart, draw Social Security as soon as you can...you'll outlive it in most cases, with good health. I paid the highest rates of SSI for over 20 years of my working life and so did my husband...it is hardly welfare. Thank God, folks had that one safety net to save them from the wolves of Wall Street. I feel certain I will get my Social Security since our Government had to bail the so-called Free Marketeers out with the citizen's of this country's tax dollars. I expect them to find the 100s of BILLIONS of dollars when the debt comes due to those of us who paid into that fund for a lifetime of work. If it weren't so lucrative the Repugs wouldn't have been trying to siphon off the SSI funds and throw it all down on the roulette table called the stock market. I hope the government regulates the hell out of the miserable bottom feeders who screwed investors and this country with their shenanigans. I can hardly wait for the indictments that will come at some point.

Since our financial system hasn't always been in chaos like it is now, perhaps a good leader might ask himself, “what has changed.” It seems to me that the institutionalization of legal usury might be a good place to start pondering that question. The inherent evil of usury is not a new notion to western civilization, and its outcomes are even documented in the old and new testaments.

The bailout passed the Senate and the House, while our elected leaders have placated us with the notion, " the alternative would be worse!" So, why hasn't H.R. 5244: the Credit Card Users Bill of Rights, even been considered by the Senate? Why was it buried in committee and note even debated prior to the Senate's cowardly adjournment?.

Why has the Congress allowed the judiciary to interpret a poorly written law to mean usury in interstate commerce legal? Why has the executive branch of our government, acting through the the U.S. Treasury, Office of Comptroller of the Currency, moved so aggressively to consolidate all of the power to protect consumers from predatory lending practices under its own roof, by suing several states' attorney generals, and then proceeded to do nothing to protect consumers?

Who lobbied to pass the bankruptcy reform act of 2005? Why did President Bush stand before the American people advocating and even praising that banking industry sponsored bill ?”

This country is still headed in the exact same direction. The banks and these same irresponsible people and institutions are not being made to bear the burden of these failures. The "middle class" has become compliant and complacent, that it's no wonder we are slated for extinction.

The Government won't punish these culpable people and their irresponsible institutions because the government believes that everyone will get mad as hell, but continue to pay their 30% credit card interest, a great sum of which will be funnelled to the incumbent politicians, who in turn funnel the money to the media, who in turn, tell us exactly what to think and for whom we should vote. If we really were as mad as we pretend to be, not a single incumbent politician would be restored to office after the November election.

The bailout was no different then when in response to the statement, “But your highness, the people are starving,” the late Marie-Anne Twinette infamously responded, “Let them eat cake.” If you recall, the French Revolution was the resulting “market correction.”

Instead, we just whine and argue with one another as to which "party" has the better candidate to lead us out of this mess. Unfortunately, both candidates are beholden to institutions which must shower them with money so they can keep this scam going.

As a baseline, in order to avoid a revolution (in any courtry but this one), legislation designed to right the economy should have had strict provisions and zero tolerances for the unfair practices perpetrated by banks and financial institutions against the American middle-class over the past seven years, and it should have included a retroactive correction calculated to restore consumer's principal balances to what they would have been had the banks not taken UNFAIR advantage with unclear contractual clauses and dirty tricks like the Universal Default rate.

Personally, I've seen nothing to suggest that the "fithly greed bags" or their political lackeys have done anything more than greatly extend their reign of personal prosperity.

If you want to hurt these people, participate in non-violent protest. Give up the illusion that your FICO Score means anything. Stop paying 30% interest and never ending fees on credit cards and unconcionable ARMS. You will eventually anyway.

Most of us can't pass for "rich". Our lie would be found out fast. But if I wanted to pass for the rich, I guess I would emulate Cindy McCain. There Cindy McCain is with a net worth estimated of over $100 million. For her husband's presidential campaign she turns in her 2007 tax return of a taxable amount of $4.2 million and paid taxes on only $1.2 million. Did she really only get a 4.2 % return on her $100 million dollar net worth? She can buy a $300,000 dress for the Republican convention and straight face say that paying taxes isn't patriotic. The rich dress in designer cloths, buy extravagant houses and cars and when it comes tax time they complain about how much they have to pay in taxes and they either write off or hide the majority of what they make. Those that have the gold evidently make the rules. Are the rest of the Wall Street Fat Cats like this? How much do they make a year and how much is their net worth. Do they all pay this little in taxes? Are the rich the parasites of the American Way of life? Do they drain their workers and investers dry like a leech and follow off when they are finally full to find another host?

Now we know why company employees retirement plans went by the wayside. They took money from the employees to fund the outrageously high compensation packages. It's time to bring back unions so that the employees have a voice.

I don't think making a lot of money should be condemned. That is the kind of society we live in. It's called capitalism. But if it's done illegally then that should be subject to question, not someone's fat paycheck.

"Only after the last river has been poisoned. Only after the last fish has been caught. Then will you find that money cannot be eaten." Cree Prophecy.

Obviously, our priorities in this country are confused. Teachers, police, firemen, and people who actually improve and save lives are paid nothing, and these Wall Street greedy mistake for human beings are an embarrassment to the United States.

Perfect storm. Physical obesity, and now “fat cats” – Economic Obesity?

Hey Rick,
These are the kind of people the fake Joe the plumber was to emulate. They are so shameless that.they don't care and that is one reason people on the main street felt the stockmarket is a fraud. Thank God we all going to die one day,without that poor people would have been turn into foot mat.

These people were smart enough, educated enough and bold enough to go after the American brass ring. They demanded it, worked for it and refused to settle for anything less. As long as they didn't break any laws to obtain it, I have no sour grapes over that. Once you've earned your money fairly who has any right to tell you how to spend it?

Thank you for investigating this! I'm a sociology major and we talk about this a lot but it seems like it seldom gets brought up in the news. Inequality in the United States was on the drop up until the 70's but then, for some reason it began to go back up, and is still growing. Thanks for showing us how some of that happens!

This is a country built on greed. Where the mentality is, get yourself into a position to get as much as you can, from whoever you can, as fast as you can. Ignore the less fortunate, they aren't my problem. They just need to pull themselfs up by their bootstraps and don't rely on others to help them out. Its all about me and what I want. Yup, we are a country of compassionate people.

Nice to see they are still partying with us bailing them out.

Yes, the Wall Street players and CEOs will take advantage of the rules. You are reporting on the excesses, but most of teh excesses are legal. Who set up the rules and regulations that allowed the financial manipulation to be legal? Who is responsible for teh oversight? CNN SIU should be doing real investigative work – follow the money. Name names. Expose the politicians, expose the greedy, expose the corrupt. Do what the public expects the media to do.

I want to know how the FAT CATS on wall street can live with their selves knowing the world wide pain and suffering they have caused???????

Mr. Huld of Lehmen said "I made decisions based on the information I had." Sound like the government on the Iraq war. "We made decision on the information we had." I guess what is good for our government is good for wall street...

What would be today's average worker's salary if the ratio of CEO to worker pay was 25 to 1 like it was years ago?

So the market is down, who knows whats going to happen with it, and they are still partying? What is wrong with these people? Loved the comment about Rome burning. Is that how they actually view themselves?

WOW!!!

Animal Farm?
Perhaps we cannot regulate wealth in a free market economy...
We CAN be disgusted with corporate leaders....
We CAN vote with what is left of our wallets....
There must be a Guillotine around here somewhere Marie!

I find it amusing that those people who are complaining about the "Fat Cats" are the same people who generate hate mail when someone promotes an idea or plan that might 'spread the wealth' more fairly. They will scream Socialism and vehemently defend the right to stand on their own two feet. Americans created the current system and will probably never change it. At this moment, CNN is enjoying another false news opportunity and all of this will be forgotten in a month.

It would appear that the model for current wall streeters is Louis XVI and Marie Antoinette. Maybe we should ask Sarkozy if we could borrow a couple of guillotines!!!

I am disgusted. I wish these fat cats would be arrested and confiscate their assets, just like they do with all criminals. My husband and I have saved (unlike most Americans) for retirement and our children's college by living well below our means for the last 20 years. We put money in diversitfied accounts that our companies matched (since we did not have pensions offerred). Now our children's college accounts and our retirements have had significant losses. These fat cats are no better than the guy holding up the convenience store with a gun. Obviously they are not good managers. I could have run these companies without bankrupting them. Companies and the current administration have exploited middleclass Americans in that we are now dependent on the stock market for retirement. If we had pensions like my parents had we could have sat back and let these companies go under, but now we are all in on the stock market and we have a vested interest in seeing that these companies stay solvent. So we have to bail them out. Thank God the idiots in Washington weren't able to privitize social security.

What a CROCK!!!!! These guys don't know hard work. Where did he get the money to invest to get his almost $5,000,000.00 bonus?? Some was "MY 401K", along with some other folks 401Ks and we are pissed. We want our money back, we certainly do not want to hand out more to these FAT CATS, They need to get a real job. I'm a nurse, nothing has been handed to me. My husband just lost his job because of cutbacks. And these guys are smoking Cigars, while we americans wonder if we will have a home next year. Also, what was the deal that it wasn't Wall Streets fault, but the governments! If I rob someone is it the governments fault since they didn't stop me?? I don't think so!

The problem is not the amount of money the financial gurus; It is the way they made it.

Hollywood stars may make alot of money, but the people on wall street were entrusted with our 401 k plans, our annuities, and our pension plans. Furthermore when Hollywood stars make millions it does not impact on society, unlike Wall Street CEO's who totally betrayed the trust of the American people.

If the guys of Wall Street practiced Buddhism, none of this would be happening... ; )

How do these people get into this prestigious positions? What happened to responsibility for your actions? In the end.. we end up paying for their mistake, and they get to stay home and drink margaritas... The way I see it, if we are giving them our hard earned tax money... then they better pay back for their mistakes.

I wonder what it will take for the people to "Storm the Bastille" so to speak. For anybody who has watched a loved one die for lack of healthcare or lost thier house this is an outrage. How ever I guess it is easier to take the kids to "Beverly Hills Chiwawa" on the credit card and gas up the Hummer on the way back.

Brave New World. It's long overdue that the average American quit supporting the overpaid CEOs of the US. We need to form an army of the average American citizen and stand up for what is fair and equitable. I know of one CEO of a large pharmaceutical who had to buy yet another property to add garage space to house his collection of high-priced foreign made automobiles. Keep up the pressure. Americans need to quit spending money on things they don't need and stop buying stocks in companies that continue to overpay and over compensate their CEOs. No CEO is worth the kind of money that they think they should be earning. CEOs like to talk about lowering the expectations of their workforce!! Well, it's long past time to lower the expectations of CEOs. Back in the "old days" business owners had some sense of worth that was inline with the common man. Well, it's time that someone brings them down to earth. Thank you CNN for pursuing a long overdue topic!!

You know I find it interesting that these ceo's are allowed to take this country into a tail spin, walk away keeping much of what they earned while the government wants to investigate what preachers earn each year. When was the last time a preacher(s) have cause the country to take a nose dive.

Hi Jordan,

When the investment banking career offers a great oay check doing it the right way, why do people choose to be "un-wise" and do it the wrong way!

why is the stupidity of being able to beat the legal system considered wise by so many people..

You are talking about these super-rich people and not even mentioning that these are the ones who should have a tax increase. They have more than any average person in the entire world, let alone the US. These are the people that Senator Obama is talking about when he says he wants to increase taxes, not Joe the Plumber, and not me or anyone I know personally.

People who make it to the top of the income ladder, like these people on Wall Street, didn't get there alone. They made it to where they are because of the opportunities that American society offers. They do owe it to society to help others have the same kinds of opportunities they had. It is the right thing to do, even Warren Buffet says this.

all of monster in wall street had to be charge like what happen in enron before . its unfair to those enron bosses to be jailed with the same case as these guys did .

Hi Jordan,

When the investment banking career offers a great lucrative pay check doing it the right way, why do people choose to be “un-wise” and do it the wrong way!

why is the stupidity of being able to beat the legal system considered wise by so many people..!

Its simple when the republicans stpoped the working class from getting raises, They stopped the economy.
When you pay a ceo 500 millions dollars you have a person with 2 houses a few cars, a few boats ect, but when they allow the workers get raises you get hundresd of people that buy houses more than 2 cars more than several, appliances ect.

Bring the money back to the workers in raises when inflation out pace the workers wages it stops the economy!

It's not just the Wall Street CEO's that made millions/billions and cheated everyday Americans! What about the companys that sent American jobs to other countries, while they continue to rake in the profit and salaries, and we're supposed to be like dogs, waiting for the crumbs to fall!

You know this Jordan can say what he is saying now that he went to Club-Med of jails and have lost some of his money. Give me a break. He more than likely doesn't have to work another day in his life.

I think there will be another crash in the future..because it's a system and people become part of the system. Investment companies rely on these individuals like Jordan to push the products and make money.. I dont believe that student on your show who's talking about learning and changing this and that..you become a doctor to treat patient.

I would like to know how much are you worth currently?

I'm curious - how much money was this guy left with and what does he live on now? He still seems to be living high on the hog by the average person's standards. Something doesn't look right here...

After watching your documentary about the fall of the fat cats on Wall Street, I am completely baffled that Senator John McCain would slamming Senator Barack Obama for suggesting to "Joe the Plummer" that he would spread the wealth around a little. I think if "Joe the Plummer" would watch your documentary, he too would weather spread the wealth to more of the needy than the fat cat of the greedy.

Doesn't anyone remember Carnegie, Rockefeller, Roosevelt and others who felt there was an obligation to "give back" to the society?

When considering a comparison of excesses between the Fat Cats discussed here and Hollywood types or say, pro ball players you must realize that the playing field is NOT level ! In the case of the stars, actors or ball players it is possible to show on paper the return on investment gained by hiring a particular person. In the Fat Cat world it is not this way. While CEO Mr. X aproaches his board of directors for larger compensation it must be realized that the board is often made up of other CEOs ( + other movers & shakers ) of companies where Mr. X sits as a board member to be able to vote to increase their compensation – the favorite of which is stock in the companies so that the stock holder's vote can be controlled. His accomplishments at the company might even be negitive, yet money is still voted his way ! This "Good Old Boy" network is a tightly contolled entity by an international namless few.

I think the preoccupation with emulating other people is what got us in this mess. People need to examine their lives and follow their dreams in a responsible manner. The one common concept in most religions is to “treat others as you would like to be treated”. If everyone did that one thing, we could avoid these types of crises. The ultra powerful and wealthy seem to be connected by the common belief that they have earned all that they have by themselves. They fail to acknowledge all of the “little” people who make their fabulous lifestyles possible and actively plot ways to compensate them at the lowest rate possible to increase their own paycheck. People should stop aspiring to be greedy corporate executives and condemn their actions. Next, they need to realize they probably already have all the things they need to be truly happy.

Jordan you said it, you gave half the money. What a joke. What he should have done was given all the money he earned to people who were hurt by your actions.

Anybody counting how many times he has said the wolf of wall st?

Hello,
I am a teacher here on Long Island and I am wondering how do you mavoid this from happening again?

Michael LaBella
Massapequa New York

Here's a fantasy French Revolution Redux
Wall Street Moguls in OX drawn carts
Guillotines heads in wicker cabbage baskets

My question.........Are the smiles on the faces of these people due to the fact that as they are witnessing the stocks going down....they'll turn around and purchase and watch them increase in value as the middle class with their mutual funds are experiencing a devestating decline in their retirement fund.........AM I WRONG???

This proves even more that capital doesn fall down to the people at the bottom as McCain say. If people are getting millions then its nothing to pay $50,000 – $30,000 saleries for workers. This is why give it to the working middle class and let them spend it to better the ecomony. Rich people doent spend their money enought to get this ecomony to grown back where it need to be at for all Americans. They only save it.

Question:

Does Jordon think the CEO's involved in the bank failings scammed the public?

Hello. I hapen to be Rob, a personal friend of Jordans for 20 years. I would like to ask him one or to questions regarding his proposed new book on the mortgage meltdown. He had worked for me for several years and would love to hear from me. I would like to call in to speak to him live. It will be great for the show.

Dear Rick,

Did you happen to read the hedge fund manager Andrew Lahdes recent "goodbye letter" to the subscribers to his fund?

Andrew made a over and 880% for the investors in his hedge fund last year on betting against the sub-prime crisis.

Ironically, he was based in California, not Wall Street. He had a lot to say about the obscenely overpaid kids on Wall Street....yet he made his money betting against these well-heeled young traders.

To quote Mr. Lahdes letter:

"
.....Recently, on the front page of Section C of the Wall Street Journal, a hedge fund manager who was also closing up shop (a $300 million fund), was quoted as saying, "What I have learned about the hedge fund business is that I hate it." I could not agree more with that statement. I was in this game for the money. The low hanging fruit, i.e. idiots whose parents paid for prep school, Yale, and then the Harvard MBA, was there for the taking. These people who were (often) truly not worthy of the education they received (or supposedly received) rose to the top of companies such as AIG, Bear Stearns and Lehman Brothers and all levels of our government. All of this behavior supporting the Aristocracy, only ended up making it easier for me to find people stupid enough to take the other side of my trades. God bless America......."

This definitely puts it in perspective.

Thank you for the excellent reporting.

Cordially,

Damon Knight

Bend, Oregon

These people do not demonstrate a social conscience, therefore shouldn't be given any special consideration when justice is applied to them. Some people want to blame struggling home buyers when, in fact, home prices were inflated, wages didn't keep pace and the home buyers were put into positions of having to commit to homes maybe they knew they couldn't afford. But who can blame them for wanting a basic necessity, shelter. How many average priced homes can one of these rich CEOs buy? Truth be told, Wall Street could buy all the homes threatened by foreclosure or in foreclosure, but their excuse would equate to it hurting their bottom line. Nobody cares about their bottom line but them!!! They have a shown a great capacity to have America and the world to share the debt, but have no capcity to share the weath they obtain fraudulently. One word from humanity; TRAITORS.

The case of the wolf of wall street demonstrates that greed has always being there. What is different now is the high OIL prices!!!! Please comment

I would like to know how I should be investing my money so that I don't become part of the Wall Street game.

Which party, enabled, encouraged, or even benefitted most from stock market activities that were questionable at best, democrats or republicans?

Why is it wrong to for the Wall Street moguls to make millions when Hollywood celebrities also make millions? The latter is also greedy for charging too much money for their services?

Talking about Fat Cats, another company that was destroyed by the greed of arrogant CEOs, Constellation Energy. This company was worth 21Billion dollars last year. Recently, the company was sold to Warren Buffet for about 4.5 billion dollars. The company almost went bankrupt! The current CEO, if fired, will collect 47 million dollars. That is a shame! What is worst is that he also put a "TAX GROSS UP" clause in his contract. So, not only take 47 million dollars for screwing all the workers and the shareholders, but how about taking another 14 million to pay taxes on the money he is already taking form the company. In a recent report, the CEO expressed his disappointment for a 25 % decrease in his yearly compensation bonus in 2007 due to the decline in profits and revenue. Like Lou Dobbs would say: UNBELIEVABLE!!!

To listen to the man who said, basically, people don't mind when Wall St. goes well, they just complain when it goes wrong, shows how people like him have such contempt for the rest of us. Congress didn't mind handing out corporate welfare to Wall St., but when it comes to Main St., helping US would be socialism. Greed can;t be eliminated, it's part of the human condition. But regulation, taxing the obscenely wealthy, prosecuting them, and electing caring politicians can ameliorate this sickening situation. It's hard to feel shame when one is constantly rewarded for psychopathic behavior. Bin Laden is more patriotic.

When Barack Obama talks about "spreading the wealth", it's the "Fat Cats" (gamblers, not producers) wealth he is talking about, not "Joe the Plumber".

But, the "Pretty Woman" Richard Gere came around, he actually learned and said "let's make something" and merged with a firm and rather than take advantage of a situation, did something about it. My point is that all business is not bad. Unfortunately, there are a few bad apples that have the power to destroy all the good. Perhaps the answer is that corporate governance needs to take a more active role in protecting not only shareholder investments but the very people the firms are here to serve. Bottom line - stiffen penalties and more importantly require repayment of fraud. This will certainly get the attention of the errant CEOs/CFOs - no more excuses.

This will definitely take away the emulation!

These Fat Cats are just Cons. They have been conning the American people for years and getting paid millions of dollars to do it. They all should not only pay back all that money, but do long jail terms and never again be allowed in any part of a financial market job.

Jordan, in case you have not figured it out, there are others like you coming up in the ranks who would want to take a chance of playing this very dangerous game. You said that the drugs were in control, who is to say that these young mogals will not fall into the same trap and blame it on drugs.

In order to solve a problem you first have to understand it. The current market meltdown has surfaced some basic underlying problems of our financial system: short sells, bad decisions, greed, lack of oversight and insufficient regulations. But the root cause is not any of those. All those underlying issues were there ten years ago and the markets were just fine. The real root cause is the PRICE OF OIL. The increase in the price of oil has caused a cascade effect that has now shaken the markets. The price of homes went down because not enough people were buying, because they did have enough money, because the budgets were tight, because they were paying more for everything, because of the oil prices. The same goes for defaulted mortgages and credit cards, which affected the liquidity of financial institutions. Now, solving a problem has two parts: identifying the root cause and suggesting a solution. In this problem, the solution will be to fix the price of oil. That can be accomplished by banning the oil sales in the open market. Oil price should be a national security issue. Uranium is not sold in the open markets. Oil is a commodity that should be sold at a fix price of $50.00 per barrel. This price is more than enough to cover the production costs and provide generous earnings to oil producing companies.

I think that anybody that makes 250,000 a year should have gracious plenty. Anything over that amount they should forfeit that to the goverment. I am sure you can live pretty good and to help the goverment.

If the ratio was 1:25 on pay from the line to the executive office, why can't that be the base today?

The whole thing was a Giant Ponzi Scheme. When Wallstreet's created "Products" could no longer find a market to pay a higher price, the whole thing imploded. It all started when they added the word CREATIVE to the word Finance. They made it up as they went along. And to some extent the computer was behind it all. The computer allowed discount brokers to cut brokerage fees to the bone. The big wall street firms lost one their biggest sources of revenues. So they used computers to make new complex products which turned wall street into a Giant Casino. Two ways to use a computer, cut costs or print money.

It occurred to me that Warren Buffett could buy and sell anyone on Wall Street and he has lived in the same house for 50 years and drives a five year old Cadillac. Do you think it's something in the water in Manhattan compared to Omaha.

this guy makes me gag. Lives on the beach and is struggling financially? gets to keep half of everything he makes – doubt the folks that bought into his silver tongued lies appreciate that much.

This whole demise of the morals of this country and the collapse of the middle class is due to the "trickle-down" theory of politics and taxation brought to you by every republican administration since Reagan started it. So you can thank every one of them for helping create the widest breach between rich and poor this country's ever seen. Wall Street is just the tip of the iceberg. All obscene pay rates should be abolished. that includes sports (which isn't sportsmanship anymore, its all about money) and Hollywood. All we're teaching our children is to aspire to be rich and greed is what it takes to get there.

On "Larry King Live" the other night, Bill Maher said that the conservatives have had Americans thinking in fantasy-land terms about getting rich. Are we all suckers because of this ploy? That even if we're not now making $250,000 + per year, we dream that somehow, magically, we can do that someday; so trash the regulation, trash the taxes on the rich, because that may be me someday? What ever happened to the dignity of an honest day's labor?

Should government impose a maximum salary? We already have that – ask any doctor that provides care for a Medicare or Medicaid patient. The government is telling the doctor what they will be paid for their services and subsequently – what they think their services are worth.

Ridiculous! Now all these idiots who stole our money are writing tell all books so they can take more of our money. Instead of focusing on these criminals we should be actively seeking solutions. Where is our moral outrage and our public display of dissatisfaction? Maybe we are too fat as well

Why are Americans so resistant to a flat tax? If a child makes a dollar selling lemonade, he/she pays 10 cents. When the athlete or C.E.O make 10 million, they pay 1 million ... no tax breaks, no deductions, no loopholes.

I think the worst of all of this is the lies. Even though you knew your money was at risk you did feel that you could look at the fundementals of a company and make an informed decision. Now you know that the infomation is not even worth the paper it's printed on.

These people are really deluding us and themselves. They, like insurance companies, take other people's money, skim off most of the profits and then give peanuts back to us, the consumers. This false notion, myth that they work hard and deserve these un-Godly sums of money is ridiculous. The top neurosurgeon in America makes 2 million. Who works harder, who is smarter, whi is more highly trained, yet these scammers make hundreds of millions of dollars. This type of capitalism is an abysmal failure at the expense of both Joe Six-pack and his other cousin Joe Plumber! It's time that middle America stop getting taken advantage of on all these fronts, and stop letting the media and politicians fool us all, in the name of Corporate America!

ATROCIOUS!! Corporate greed is bad for all of us. I believe in Capitalism but too much of the wealth remains on the top. There should be a better distribution of the wealth. Why should a CEO make $300,000.00 / yr while a clerk or janitor makes only $25,000.00. Who is to judge that only the CEO worked hard to attain his success. Lower level employees work had too (honestly & diligently) and without them companies could not succeed. They should be compensated according to the cost of living. Then all hard working people could qualify for a good home loan and not be victims of predatory lenders. STOP THE GREED!

It is not just Wall Street CEO's that are walking away with millions, take a look at CEO's like Craig Rogerson of Hercules Incorporated who's walking off with millions for selling off his company. These "Golden Parachutes" are ridicules.

If the "wolf of wall street" is typical of the wall street business, why are we bailing out these >>>>>> who abuse and lose without shame or repercusion!

Abbie, I love your Wall Street report!

OMG you look so good on television darling.

This program was not investigative reporting about earned wealth but a slam against people who have worked hard and honestly to become wealthy. I know there are crooks in the world. And, yes, there are wealthy people in the United States, but I do not condemn them, nor do I want to punish them for having worked to become educated, competent, and successful in their professions. Let's get away from this attack mode on wealth in America.

Greed can be good, but greed must be monitored. No one should benefit through the misfortune of others in any sense of the word. We live in a capitalist society, the economic, scientific, military superiority, social standards, etc. we have achieved to date were built upon an entrepreneurial spirit fueled in part by the expectation of monetary gratification. There are those individuals who make an absolute fortune that do have a social conscience (Warren Buffet, Bill Gates, Paul Newman) responsibly utilizing a portion of their massive wealth for the better good. I come from a very middle class family, my ex father in law was in 1985 (Forbes) the 15th wealthiest man in the world based upon Wall Street holdings. He was self made and having known his character would have rather lost money than to have made a penny via the suffering of others.

While the government is still trying to bail out Wall Street " The Riches". Why not not put a panel of experts together to try and solve the mortgage crisis. We need to try to keep the people who can honestly afford a reasonable mortgage payment in their homes. Owning a home is "THE AMERICAN DREAM" why not try to keep the dream alive. Since the government is using our tax money to buy the bad mortgages from the banks . Why not use the money to keep the tax payers in their homes.

All the fat cats should be tried in courts to the fullest extent of the law for the fraud they have commiitted, and put in jail if found guilty; their house, car, and bank accounts should be auctioned to pay back to the innocent investors who have been cheated out of their hard earned savings. People like Jordan should go a step beyond writing best sellers: they should cooperate with the authorities telling them of others who have perpetrated the same crime on the American people. No company boss should take home more than fifty times the compensation of the lowest paid worker for their firm. If the compaany makes more money–profit–re-invest the money for the betterment of America and our status in the world as a leader.

Let's not compare Jordan with the CEO's of Lehman Brothers, Citigroup, and Merrill Lynch. He is a CRIMINAL who ran a "chop shop" stock brokerage firm. Did Rick do a background check on this guy? Does he know that the movie "Boiler Room" was based on Jordan's firm? Rick and his show lost all credibility with me.

Where and when did Wall Street and shareholders far away from any business start ruling? Yes, shareholders have been around for a long time, but they need to come last – they are making an investment – no gain should come to them until after the "company" which includes services, product, employees, etc. are made sound – who made them first?
Over the past ten years we have been sold this bag of misconduct.

Are the kings of Wall Street the same as the airlines? In the airlines there are only 18 to 20 individuals that run all the airlines in the U.S These individuals went from one airline to another, no matter how much trouble they got the previous airline in.(bankrupted, sold, absorbed) The worst one was Frank Lorenzo. He had to be banned from the airlines by Congress.(He;s back)
How many Fat Cats are there?

SHOULD MICHAEL PHELPS GIVE BACK SOME OF HIS GOLD ,BECAUSE HE WAS TO SUCCESSFUL? IF YOU WANT CAPS ON PAY? WHO DECIDES HOW MUCH IS TOO MUCH? WHERE ARE THE FAMILIES OF THE MOGULS FROM THE EARLY 1900'S. YOU ARE USING PEOPLE'S PAIN TO PROMOTE SOCIALISM.

Thanks for taking a look at the wolfs of Wall Street. Let's take a look at the cause and the cure.
The system that perpetuates this deplorable excess is called the "Free Market Economy", brought to you by the Republican Party over the years – until recently. Now it is broken, and it has broken most Americans for years to come; you have no idea what a nightmare you're in for.
The Free Market Economy has worked – and worked well – building jobs and vast wealth for many. But without government restraints, human greed screws it up. And the average American picks up the tab. The wolves usually go free.
A new Democratic government will make the changes needed to protect us in the future. It's too late to save us, but maybe you can save your grandchildren by voting for a change on November 4th.

I found the closing remark by the real estate lady kind of revealing about what caused this whole problem. When asked if she had sold a house to someone that couldn't afford it she said, "it wasn't up to me to make that determination". Nobody thinks it's their fault. There's no accountability and no moralty.

The young man who was the apprentice for Lehman Bros. appears to have the look of greed in his eye. He appears to want a piece of the pie. His comments came across as wanting to learn his way around the system so that he could accomplish his goals but avoid getting caught like some of his mentors. Several of us here in FL got this same impression. Correct us if we are wrong.

What gripes me is that these greedy corporate executives are thought of so highly and compensated so highly compared to the "average" employee.
What needs to be corrected in our society is that the employees who make the companies succeed by their hard work and dedication, should be valued and compensated fairly and proportionately. It's not right that the CEO's are given huge compensation packages, and go out with golden parachutes, whereas, the employees who in most cases brought the money into these companies, are sent out onto the streets with literally nothing. The employees need to be treated with similar value and respect.

The Wolf on Wall Street does not appear to be too apologetic. He is now making money off those who taught him the trade and made him an insider. Yes, he got caught and did jail time and owes money but look at his surroundings. He lives far better than the average citizen who works for an honest living and is still profiteering of his rich and famous lifestyle.

I find the Wolf of Wall Street completely misrepresents the financial industry. I started working on Wall Street on 1997, and I still work in money management. Comparing a guy who worked in a boiler room who most likely ripped off widows is not representative of most people working in finance. That guy probably never even set foot on Wall Street. That's like comparing a drug dealer to a pharmacist. I have an undergrad from a Seven Sisters school, an MBA from NYU Stern, and I am a CFA charterholder. I'm not sure the guy profiled even passed the Series 7. I find it offensive that CNN profiled him as representative of my industry.

And the intern from Lehman was unbelievable. I find it very hard to believe that CEOs were calling an undergrad intern on his cell phone.

I work for an honest, well-run firm. The majority of people working in finance are honest, hard-working people. I find the markets fascinating, it's like a big puzzle. Trust me, poring over balance sheets isn't sexy, and it's not all bling bling. One of the inside jokes on Wall Street is that the portfolio managers usually wear the cheap watches. One of my former bosses on Wall Street was pulling in half a million a year & drove a Honda Accord.

The financial industry does provide a valuable service to the public. Most people are shareholders of some sort, with 401(k)s and pension plans. Public pension plans are some of the biggest investors out there. Are you going to after Teachers' Funds next?

There are disreputable people in the industry, which I find reprehensible, and they should be prosecuted. Managing someone's money involves a great deal of trust, and I am proud to work for a firm that puts its' clients interests first. That is one of the basic tenets of the CFA Institute code of ethics – clients come first.

Also, hedge funds are not the same as private equity funds. Hedge funds invest in publicly traded securities, and private equity funds invest in private companies. If you want to serve the public, basic financial education would be more helpful than profiling some former junkie from a bucket shop.

Blaming this Wall St crisis on the CEO SALARIES is like blaming the loss of a football game game on how much the Quarterback makes. Of course, we CAN blame the crisis on IRRESPONSIBILITY, and on GREED (if their compensation is indeed linked to the deals they made), but not on their base annual salaries, albeit how ridiculously high they are. But, the inspiration, the "lure" that draws top-notch CEOs into a top position must be monetary....what else? Don't we ALL seek top pay for the work that we choose? Those people are a necessary component of a huge system of American/Global financial industries. The fact that they are paid huge sums of money is not an accident. Its competition for the "talent" that draws top people into top positions. It is baffling that ANY human being could be WORTH so much....but how can we limit that ? I wish SCIENTISTS and RESEARCHERS were paid that much, so we could draw the best and the brightest into those areas. Alas, it must not be what the majority wants--something IS rather backwards but the blame is on all of us. And if we value our Freedom, people, be careful what you wish for .

Is there any way in which either the government or citizens can file law suits against these inhumane greedy scammers who made multi-millions on Wall Street? The heads of AIG, Leahman Brothers, etc and all of their cronies should not be allowed to keep this money, the people should sue them and get all of these millions back!

Fall of the Fat Cats – They aren't falling! They are trying to figure out another scheme to make some more money. And they are lying to us. Can you really watch this guy Belfort and not see he's like a used car salesman. I can hardly believe that CNN aired this report – nothing like rubbing salt in an open wound. Belfort was not remorseful, he was promoting his books and CNN helped him.

And these CEO's are not Americans – they are greedy vultures.
There isn't a true American with loyalty and honor in his heart that would do the things such as Belfort or Fuld. These people are the dregs of society, they have just found another way to flimflam.

Great empires can fall when the leaders are there for their own greed and not for the service of the country. Have we forgotten that our leaders are suppose to be in service to our country?

Jordan Belfort made a comment that will impact social service programs more than any other area in the United States. The agency I work for provides services for people with disabilities. In the past we worked under the social service model. In the last couple of years the federal and state funding has required agencies to work under the medical model. What does this mean for people with disabilities. We become more restrained in working within the social service model when working with people with disabilities. We now must work within the medical model which is more restrictive for people with disabilities.

The bail out money has to come from other areas and funding for social service programs will be one of the hardest hit.

This is more about the American mindset. Everyone in America believes they will be rich one day. So we all support a system that statistically we will never be part of.

Remember every American made corporation is nothing without American’s supporting it at some point. Globalization doesn’t happen until we contribute enough money out of our pockets to make it a global company….Remember that….

The top 2 or 3 percent of the worlds population owns more wealth than everyone else. So exactly what is trickling down. It’s absolutely absurd to think that corporations will sacrifice anything besides “you” on behalf of some financial moral high gound. I haven’t had a raise in years, but my CEO made 26 million last year. How many families could the broad have helped if they had trickled down 20 of the 26 million to their employees….These Boards are a joke. Cherry picked by the CEO…Many sitting on multiple Boards of other corporations…Wakeup people greed can’t be corrected unless we stop supporting the fantasy and start supporting our current situation and families best interest…Don’t become them in mindset…jjj

I have to say this is showing a sliver and not the most realistic one of the 'lifestyle' on Wall Street. I think this could have been a fantastic report but is too disjointed and not thorough enough.
1. Warren Buffet was commenting on derivatives when he stated they were like little bombs. If you're going to quote someone kindly give the full context b/c that one piece of your report could have been an hour long.
2. People go to work on Wall Street to make money and be challenged. I could be working in another industry that would not be nearly as interesting to me and there are many people who feel this way.
3. Those of us listening to the demonization of our industry understand that some of it is warranted but it is not that simple to say that a bunch of greedy cats caused this crisis. The media has neglected to get at other roots of the problem which is a nation living on credit and over extending itself. Does Wall Street play into that, sure, but what is happening now is a perfect example of why you need to have more regulation and oversight of this industry b/c when left to it's own devices it will be go towards the quickest and fasted way to make a buck.
4. Government also dropped the ball. How can you expect to oversee an industry when you don't even understand what they're doing. How can you expect to retain your own talent when no government employee can make more than the VP. How does that look when 22 year old kids going into investment banking are making over $150k.
5. The American People dropped the ball. We've lived outside of our means and on credit too long. Being able to get a mortgage for $800 for example when you make $40k, shame on the company (where were their risk and controls) but shame on you b/c you know you cannot afford it. Everyone has not been this excessive but those who were irresponsible acknowledge it. These folks need to be helped, if for no other reason than to save your community from becoming an deserted oasis of boarded up houses and delapidated buildings. Let this be a lesson to us all and pressure your govt officials to actually build an executable program that doesn't get bogged down in govt bureacracy.
6. Compensation. The part of the series where the man commented that salary should be no more than $10m made no sense. This industry is focused on total compensation, base + bonus. Keep the bases low (by Wall Street standards) and the upside is in the bonuses. Most individuals base salary range from $40s – $250/300 but rarely is it higher and these individuals work the entire year to make the bonus. Also remember that most people who work in financial serives DO NOT MAKE MILLIONS in bonus (which is not all cash but a cash/stock mix at public co). Most don't make over $100k. It's easy to forget about all the people who work hard and live paycheck to paycheck.
Additionally, people are paid a fraction of what they make for their business. An interesting segment could be around compensation in this industry. Is it excessive – yes; but is making a few million a year excessive when your business made $1billion for your firm. Is it pay for performance or just crap. A thought, hmmm.
7. People. This industry attracts an ecletic bunch. I will be the first to say there are some are a real piece of work and at times you want to smack them. But I've now worked on the street for years and I've made some great friends, some who make millions, many who don't, have dealt with the heads of businesses and people in leadership position and they are HUMAN. During these last few weeks it's been easy to forget that.
8 Management. Contrary to popular belief they care about their staff, they understand that peoples livelihoods are at stake and don't take it lightly that people are losing their jobs with few prospects in sight and a shrinking industry.
For those that remain they are working to try to turn this around and keep their co afloat and people employed.
9. Are there people who completely buy into the living large, sex, drugs and excess – most definitely. But there are more who work all day and go home to their family and friends. Most are not at the fancy partys and you can prob find them grabbing a bear at one of the pubs before they dart for a train home.
10 if you want to understand today you could have prob persuaded some current bankers, sales folks and traders to talk to you behind black screen. The Jordan guy while interesting does not touch on the current issue.
There are people who made poor decisions and their people are paying for it now.
Can it happen again, sure, because humans are at the bottom of all of this and inherently will want to make money and be tempted to create a work around.
Hopefully we all learn something from this and while it will be painful come out of it a stronger economy and stronger household but this will not be easy and it will take time.
CNN I expect a bit better and think this could be a great series with a bit of work.
Sorry if this is rambling but I think you've only scratched the surface and if you want to see the real Wall Street, perception is one thing but facts trump perception and it would be interesting to see what you can learn if you throw the assumptions out of the window around lifestyle and what happens in this industry and tear it apart from the inside out – think you'd be surprised.

I would agree with Wall Street Employee. Derivatives have been a ticking time bomb for years. Wall Street employees are like any employee in Corporate America. At the mercy of the corporate doctrine, it's all about making money for the shareholders "you". And Americans have to take on some of the responsibility.

But the reality is the financial services industry has systematically created this system of credit. It was packaged and delivered so beautifully to the American consumer. You can't do anything without plastic "literally". Sure Americans own the responsibilty of controlling their financial household. But what the financial services industry didn't expect was the effects of globalization on the American household. How corporations would stop trickling money down to their hard working employees but trickle it out? Now all proceeds are dedicated to growing the business globally, using their employees until cheaper labor could be found and rewarding everyone at the top for making billions through these global efforts.

The result; American families are financially running in place. Slapped down by their corporations, the financial services industry and their government....No raises, no bonuses, cost of food goes up, cost of education goes up, cost of energy goes up, cost of clothing, local goverment taxes and fees go up, health care cost spiral, housing becomes unaffordable (don't really know of anyone who owns a 800K house on 40K salary), inflation sets in and hard working people find themselves a hole. And let's not forget the interest rates and fees that guarantee Americans stay in debt.

It seems to me that "MM", "Wall Street Employee" and others aren't listening at all, or simply have become too removed from the mainstream of productive society to understand the points the vast majority of writers here are, I believe, attempting to stress.

Let's try this again; You make a commission passing Barbara's money to Gomer – oversimplified perhaps, but functionally correct. Jerry the contractor built the hospital whos's staff and facilities saved your child's's life after the accident.

The questions I would pose are these; do you believe that your function in this society is comparable to Jerry's or the hospital staff's in relevance to the collective good? Do you believe the impact one makes on the collective good to be a reasonable measure of thier relative importance in a society? Do you believe a market maker is comparable in revelance in our society to the architects and engineers that designed your children't school, or the staff that teaches your child how to read?

How about the police that keep drug dealers, child molestors and various others of that mindset away from your and other's families?

How about the professional that designed the sytems that provide water and electricity to your home, or the folks that dug the trench and put in the sewer that leads from your house to the wastewater treatment plant? How about he folks that designed and built the power generation facility and the wastewater treatment plant?

I understand your celebrations after a "deal" has been made, and that your commission will buy you a new wide-screen or personal watercraft. Do you understand that most of our society finds it indefensible to pay someone $450,000 a day to pass money from Barbara to Gomer, and pay someone that teaches this person's children 3/100th of one percent of that figure?

Believe it or not, most of us find great satisfaction in being productive -having a positive effect on the quality of life of the people of this planet. Most of us don't envy your profession – we have a built-in organic mechanism that insists we pull our weight or starve. Passing mastidon blubber from Barbera to Gomer simply won't justify our membership in the tribe.

The title for this problem is simply that famous tilte that goes like this:

A House Divided Against Itself Shall Not Stand!

Just another example of what that evil word "Greed" will do to a house, business, relationship or even ones self once it shows it evil face. We now get to see how it destroys the life of wall street, in living color!

Observing Lehman Brother's CEO, it's apparent by his speech and body language ,that he feels he deserved everything he got, and he reeked of arrogance about it!

What happens on wall street is similiar to the "Helsinki Syndrome"!

A plane crash that kills a large number of executives in one fell swoop has never hurt a company in the short or long term. This has happened several times. The companies actually do better after their overpaid leaders are replaced.

The problem is that exectuive salaries are voted on by executives. In such a situation, of course they are going to vote themselves obscene amounts of money.

No one should ever make more than 100 times the pay of their lowest-paid employee. If they want to make more, they can pay their employees more also. If they cannot afford to pay their employees more, they have no right to say that they should be paid more.

I am outraged that you gave this creep air time to promote his book, in my opinion, he's the same as a rapist, he raped the American public for millions and now he's being glorified and promoting his books to make more millions....yuk!

Your piece on the Fall of the Fat Cats was interesting and provocative. But it missed a perspective I think is important - the role of a society which would extole greed as a virtue instead of a vice in the first place. No one complained about "golden parachutes" so long as their 401(k)s were increasing in value. When I was a kid I was taught that greed was one of the "seven deadly sins". I was also taught such traditional things as that gambling was wrong. But then along came legalized forms of gambling, including the Stock Market and the Insurance game. Talk about NewSpeak! We have done everything we can to redefine vice as virtue. Is it any wonder that on 9/11 the safest places to be in NYC were St. Patrick's Cathedral and The Cathedral of St. John the Divine? No one really worships there any more. We worship at the shrine of big money. It is just too bad that Osama bin Laden couldn't have waited a few more years. He would not have had to take down the World Trade Center, but merely wait until our own greed caused us to fall by our own hand.

Jordan Belfort needs to get his pretty little tanned self off the beach and go help some people in need, pick any area of the country...how about Katrina or Ike victims for a start,use his creative little brain to help or serve others for a change, then maybe he'll start to be a changed person, one with character and dignity. This guy is down cause he got caught. I wouldn't buy his book if you paid me. It's disgraceful, he needs to get a real job like the rest of us working people.And, by the way,he should take that ridiculous painting of his yacht down!!

Mark Belleau:

I couldn't have said it better myself – what say we add a powdered wig, an Elvis collar of satin and lace, and a monicle on a lanyard? This man is the poster boy for the intentional imposition of suffering on a sizable segment of the world's population. He certainly couldn't want for much in a material sense, but wealth without a soul, or empathy for the rest of humanity is, to quote the title of a very good film, unforgiven.

He is, of course, a pauper in terms of wealth, empathy and soul compared to the Gates family, Warren Buffett and many others, but, like you observed, his personna leaves little doubt that fact doesn't trouble him in the least.

Yes, indeed, I detest this miserable example of a human being, and yes, without the insult of ever having the misfortune of meeting him. I'm embarrassed and insulted that we are, as much as it pains me to admit it, of the same genus and species.

Thank you for your report! I must say though, that a lot of this doom and gloom is reminding me of the early 80's, when jobs were very scarce. Companies were downsizing everywhere. It is very humbling to go from making good money, to nearly no money. I went from making $450 per week, to $88 on unemployment. I was saddened by the "Wolf"'s despair, at having to settle with making an author's wage! I can tell you, if I were tasked with having to pay back even ONE million dollars, I would literally DIE trying! It would take me the rest of my life to do it. I'm gainfully employed now, making over 50k per year. How long would it take me to pay back $1M? That, and I've never seen the inside of a jail cell, much less would I find a job like what I have, after having served felony jail time. The only way I would so nice a tan as our "Wolf",would be standing on a street corner with immigrants, waiting for a farmer to pull up, looking for cheap labor. Mr. Belfort, count your LUCKY STARS! Did you even ONCE do anything for your fellow man, while you were riding the "American Dream" to the nth degree? I somehow doubt it.

Let me close with this: CNN, Ms. Boudreau, and Mr. Sanchez, thank you!

I find myself smiling after reading the rationale and justifications for the merits of the “free market” system, and “the laws of supply and demand”. How about a basic example of a “Free Market”/“Supply and Demand” scenario in action?

Let’s say that you and your wife are driving from Aspen to Las Vegas for a fun few weeks enjoying the lifestyle to which you’ve become accustomed. You decide to let the Dino have its head, and get in a bit over yours. You slide off the road, flip the car once and end up rubber side down. Your wife has sustained a very nasty cut on her neck that is bleeding like there is no tomorrow. You, of course, are thoroughly gobsmacked and in shock, and not in any condition to give the poor lady any useful assistance. My wife and I happen along, fortunately, and stop to see if we can lend any assistance. We quickly realize that your wife needs aid immediately, or she will surely perish in a matter of moments from loss of blood.

Yes, we do know First Aid, and yes we do have a First Aid Kit in the trunk of our car. You have identified yourself – I thought at the time a rather odd timing for introductions, but I have to admit I did recognize you as someone that I’d seen on the financial news programs on television. I may or may not be a genius, but this has all the potential of a monumental insider tip.

Well? What to do? What to do? After hearing such articulate justification for taking advantage of virtually any situation that presents itself, my wife and I decided to dive head-first into the capitalist movement and avail ourselves of this opportunity to enhance our income. Your wife is in dire circumstances, and you are certainly compromised in your abilities to assess and/or act upon this situation. Knowing your clients situation is, clearly, of paramount importance. But hey, capitalism is capitalism – one man’s misfortune is another man’s fortune – ask any short-seller. Desperation in others is the direct route to personal wealth. You have, in fact, invented – and practiced according to – these rules, so, heh, heh…………..let’s play.

You and your wife are fresh out of options (no pun intended) pal. We’re not. Tell you what – we’ll do everything in our power to assure that your wife, and you, survive until the Medivac helicopter appears. You must realize that for us to provide this critical service, there will, of course, be a fee involved. We believe that, under the prevailing critical, undeniable, non-negotiable circumstance, a reasonable fee will be $238 million dollars – plus expenses – and no, we don’t take checks. This figure might seem a bit high at first flush – but consider the alternatives. We are the only hope for your wife’s survival, but if you cannot, or will not, afford the cost of our services, we’ll just be on our way – and thanks ever-so-much for your time. Our first interest is, as always, our clients – we’ll call 911 (or the Fed) at our earliest convenience.

Deregulation? Seemed like a good idea at the time.

Clearly Jordan Belfort was/is a very insecure man. I've read his book and while he was able to document his transgressions, it was as if he was a six year old recanting their exploits.

These accounts will almost definitely seduce countless others to attempt to emulate his past, and sadly will likely do so by hurting as many in the process.

Even more distressing was his overuse of the words 'loamy loins'. I hope that he's gotten his hands on a Thesaurus for his next piece of literature.

To emulate characters in the movies is living in a fantasy. And we see how that turns out. Shakespeare said it best,"to thine own self be true".

I am not understanding why the Press announces these huge wallstreet cheaters, and yet no one dose anything about it. yes we as Americans will not stand for Greedy CEOs. the justus department, FBI will have to through them behind bars.
what we need is help with Home owners losing the roof's over their heads.
if this dose not stop, someone is going to loss their minds and you better look out!

I used to work for a Wall Street firm. They were shallow salesman who were focused on making money. There were a few good people but definitely in the minority.

to be fair, I urge you to include Frank Raines in this category. He got off with $70 million in Fannie Mae money. You must do this story to remain unbiased and respectable.

I worked for a major US Airline in the 90's when the airlines asked the government for loans to bail them out of trouble. After 18 years with the company I lost my retirement while I took pay cuts, The former chairman of eastern airlines that ran the company lived a nice plush life. We complained to prisendent busth and nothing happened. We the middleclass took pay cuts and lost our jobs while airline executives made top $$. I wish someone would remember this also.
I AM GLAD IT IS BEING CAUGHT UP TOO

The fbi should go after everything they have left and give it to us or the govt. to help repay the bailout.

Wall Street is the root cause of the economic situation we are in. They created the financial instruments to rip off people in this massive ponzi scheme. The greed, kickbacks and bribes, including in the form of political contributions and sweetheart deals, showed the complete lack of integrity and moral corruption. The politicians, both the Republicans and Democrats benefitted turned a blind eye. Now we, the average Joe’s including our children and grandchildren, have to pay for this while those who benefited have walked away without even a slap on the wrist.

I want to know where the Fat Cats millions are kept. Did they keep their money in the same markets where my 401k disappeared or did they stuff their millions inside their mattresses?

What we find troublesome is the fact that some feel entitled to so much money, no matter what the cost. They have lost touch with what most people view as reality.

Around this time last year I was designing a Brownstone in Brooklyn for a guy who worked on Wall Street. His bonus for 2006 was $7 million and he was expecting to pay for the house with his 2007 bonus.

Bonus time came around for 2007, and my client got "only" $500k.

The job stopped.

I was laid off, and I was happy to get a $4,000 severance package and a good letter of recommendation.

I guess that's how trickle down economics works.

if you don't believe you were part of the problem you will be part of the solution....

Everyone needs to stop blaming everyone else and look at his or her own actions. Yes, CEOs make a lot of money, but in comparison to what? How much responsibility is laid on the shoulders of a plumber, a union worker vs someone running a multi-billion global company? How much responsibility is put upon a police officer – how much does he make? Everyone chooses their line of work – education and training can take anyone farther. Stop crying about what you don't have and start thinking about what you do have.

A company near me was claiming the would go bankrupt unless they received concessions from the union during a strike. The union finally caved in...the CEO who made the proclaimation....a 12MM bonus.

Anyone remember the French Revolution? And why the guillotine was invented.....

So,..... where was CNN, you, when Barney Frank said there was no problem? When McCain came up with legislation, where were you? Didn't this seem to be important to investigate?

Hope you are feeling good right now!

This Wall Street phenomenon is the leading edge of the whole culture of excess in our society today. The entire economy needs to be deleveraged so that money is once again real to us. The middle class is learning all about that right now...the hard way.

Rich people spending large sums of money – How is this a story?

What tax totals are the subjects of your story paying? What about compared to the $250K/year folks?

Also, with the wall street gilded age players, those portrayed on your show tonight, what tax loop-holes are in play to help hide their income from tax laws?

For people to blame everything on Wall St is ludicrous, that is where Washington wants you to focus your blame. The FACT is that politicians pressured these companies like Fannie and Freddie to put low income people into loans. You probably won't post this comment either, because doesn't every news station have a political agenda as well? The fact is that America has gone way beyond living within their means....we as a society are just as greedy as people on Wall St. We buy everything on credit and move into homes we cannot afford and then look for someone to blame when everything falls down around us. We have become a nation of people who feel they are entitled to everything, as far as salary caps on CEO's that is not the job of government!!! Doesn't anyone see how completely frightening that is? Let's roll out the red carpet for socialism...it's coming.

It's great that people are so inspired to make so much money. I am not at all jealous. That lifestyle doesn't appeal to me at all. I'd say "more power to them,' but that wouldn't be a true statement. What bothers me is that their pay isn't tied to current performance of their company as a whole. If their company is in bankruptcy, it should be reflected in their pay. No bonuses. If the company is going down, they should go down, too. No golden parachutes for failing companies until the shareholders get their share. They shouldn't be able to suck the company dry, then the shareholders get pennies back on the dollar. That's what is unconscionable.

I am immigrant in America, and i always dreamed of a job on wall street ... the greed i see now, means the Surbanes- Oxley act did nothing to change things, Wall street (and the financial industry )needs stronger regulation similar in importance to Affirmative Action or the laws against Segregation, that have been effective for America, until that day comes we will have the same problems.

Why did Jordan Get soGREEDY?!?!

After seeing your show, and the interview with the "Fat Cats", I can't believe Senator McCain and Sarah Pallin make sharing the wealth a terrible thing. I would venture to say the unemployed would disagree with them. This kind of greed is so unfair, there needs to be a cap on just how much these CEO's can make off with. They should be made to sell everything they own, and give some of this money back to shareholders.

Honesty on Wall Street GETS YOU FIRED! PERIOD. Honesty is a career ending move. Everyone loves a whistleblower, but no one will hire one. Crooks are not crooks unless they get caught. When they do they usually have amassed fortunes to hire "Dream Teams" to defend them. Fuld, Prince et al are no different. They are products of a woefully broken system, but they are unlucky enough to draw scrutiny. In my opinion, (albeit biased, because I speak from experience) "whistleblowers" to wit, those who tell the truth, expose wrong-doing and corruption while risking their careers as well as the welfare of their families are the true unheralded heros. The SEC has good intentions but is overwhelmed. You probably will never read about that on CNN or anywhere else. Take if from a whistleblower – THINK LONG AND HARD ABOUT IT and consult with an attorney BEFORE you "pull the trigger." Sarbanes-Oxley is not without its flaws. And finally, YES, this is a very sad commentary on the state of not only Wall Street, but those who police AND report on it.

I would love to ask Jordan: Does wall street executives really care about what investors and homeowners are going through?

As a former employee of Stratton oakmont, I can attest to the greed and waste. Al though I never benefited, Jordan and Nadine were nicknamed the King and Queen.

He certainly lived a crazy life!

Is it the man or the system, Mr. Belfort?

You have to understand the problem is the ideology in our society today. It's broader than Wall street, but especially heinous relative to them because these folks were supposed to be conservatives protecting our investments. Common sense tell us unrestrained unregulated business will take advantage of anyone & everyone. We have atheletes making millions while people starve, investors and day traders making millions who don't really work in the traditional sense, and foolish politicians who in the name of a free market economy have allowed it & given, loaned or sold our nations assets away while not understanding their intended function is to protect citizens. My question for Mr. Belford is the same as I would ask any of them. How do you sleep at night?

how is the wolf still living a life style on the beach when he owes close to 100 million to his victims?

I would like to know how many of his old friends on Wall Street still are his friends and if his wife is still with him?

So hope ur proud of what u did GOOD JOB!!!

How comparable is "the Wolf of Wall St." to the CEOs who bailed out of the various institutions that have gone under or are being taken over by the Feds?

Mr. Belfort why only half of the money, why not more?

as i watch this, i am disappointed that your show would spend its energy pointing fingers and fueling the fire that wall streeters are the ones to blame for the current economic crisis. Although the banks profited from these highly risky and complex transactions, it was the government that had encouraged banks to extend loans to those with subprime credit- the general public needs to take some responsibility for purchasing items they can't afford.

as far as jordan is concerned, within seconds of the segment airing, it was evident that he was crook, and his story is more Boiler Room than any of the characters he mentions.

these guys should be treated like drug dealers if found guily of fruad, all their assets shoud be seized and sold publicly . then they can start living like the people they hurt." dont do the crime if you cant pay the fine". most of these people are so nasty the only way you can hurt them is taking away their cash and assets

As I understand it this is part of the Republican idea that says, with all that money you were supporting the services industry with your purchasing power. Isn't there a way to do what you did WITHOUT gaming the system and couldn't that be controlled with regulation and enforcement of existing controls? and congratulations for your rehabilitation

The FBI should go after everything they own to help pay us back for the bailout.
in the future all employees should get a percentage of the business

The wall st. CEOs and brokers made their money with our investment dollars. They had no shame as neither did the boards that awarded those ridicuous salaries. The present administation loosend the regulations and oversight on wall st. So we work hard and the brokers take it away without shame.

In the midst of having all this money and all this fun and partying did you ever once think about sending money to countries overseas to little children who is starving and has no food to eat?

On the story of Fat Cats on Wall Street, I would like to know, if companies like AIG and Lehman Bro's. that are being bailed out by government and were going under, how they can continue to pay CEO's their outrageous pay, and still keep some of them on a retainer for a million a month? Who's paying their salaries if the government is bailing them out? Thanks!

I can not beleive that these theives on wall street sleep at night. If I lost my house and ended up banktrupt I would want blood. I am really surprised that these clowns can flaunt that lifestyle while we the taxpayer just flipped for 850 billion. They better rethink their security because I am sure that someone is gunning for them. How long do you think it will be before there is some sort of revolt in our country?

ABC – Always Be Selling, and that's just what JB is doing to sell more books.

Jordan could sell ice to an eskimo in winter by the buckets. He looks like he's doing pretty well considering all the lives he destroyed.

Mr. Belfort:

Now we know how you made your millions. Please consider writing another book instructing us how to make money in the market legally. Thanks.

Why do entry level assistants at Wall Street firms make more then veteran teachers who spend 20-30h/week educating our kids?

Why do we have to glorify these crooks and promote their books for all the miseries they have created for innocent investors. Why not reward those guys in Wall St who do it the right way, create value for investors and companies. This type of program does nothing for anyone.

Asad Khan
Analyst, (Wall St. firm)

This report should put to rest the concept of trickle down economics. If the top 1% is able to maintain this life style of excess, and now it is on the middle classes dime...tax the heck out of them,,,,so what if they have one less villa to brag about. Simply unbelievable.

I don't see why instead of having a maximum wage why not have a CEO's salarey tied in with the business's plus and or minus? I'm not the sharpest person but isn't obvious?

Capitalism is a great way to run an economy... BUT....Capitalism without ethics is a very BAD system. Ethics aren't inborn to humans; we have to be taught. If parents, public schools, athletic "heros" and corporate leaders don't portray good ethical behaviour, who will?

I no longer know what or who to believe. My wife and I raised two children, put them through college, taught them to pay their bills, be honest in their dealings and play by the rules. We saved, bought a house we could afford and paid the mortgage. Now after nearly 40 years, I'm sweating my job, our retirement, our savings.

Now, you tell me, who was betrayed?

It's not all bad and I count my blessings because we won't end up on the street. However, what I believed this country and this countries business stood for, was not the truth but a sham. I find it diffucult to believe that anyone from our generation will ever believe or trust, again.

What do we do now? Instead of the cookie-cutter political answers what do you, as a business mastermind, think should be done to prevent these crooks from getting 100 million dollar bonuses while the companies fall?

I am middle class America and It infuriates me that we have to bail out the fat cats who think we are nothing in their world. I believe fully in the free market system ... but why are we paying the price for greedy Wall Street and greed Democratic politicians that through Fannie Mae and Freddie Mac started us down this financial downward spiral. My grandchildren will be paying for this 700 Billion bailout. Yes I am mad !!!!!!!!!

This is a royal hatchet job. I was poor, dirt poor and becoming a trader I was willing to take the personal risks that my working class peers were not willing to take, and my reward is equal to the risks I take. Making money is not the problem. Belfort and the CEO's who destroy their companies and still receive large a large bonus are crooks. 90% of wall street traders are not crooks. Don't paint all of us as one.

For the past 30 years conservatives have preached taxes are evil. If you were to believe their reasoning, paying any tax is wrong. They preached that all of the wealth that the fat cats would rake in would "trickle down". That doesn't appear to be the case. In fact I would suggest that the wealth is being sucked up and little if any is trickling down.
Dismantling the progressive tax system allows the fat cats to get fatter and leaves their greed uncheck.

Mr Belfort payed for his mistakes, in one way or another, what about the CEOs that elaborated our nowadays misery. Should not be punished as well?

Is really the responsibility of the regular people to judge their own loans approval?

How easy to blame the regular citizens when those, who are the experts in economy, did not take any responsibility in the right moment, and indeed not now either.

As I watched the piece on Jordan Belfort and the "Fall of the Fat Cats of Wall Street" I had to laugh. The man is repentant because he got caught. Half the audience emulated him and the other wanted to go into his business. And now the poor guy said he has a real job as a writer and, boo hoo, it takes at least a year for him to write a book and all those pesky things to do to promote it. It was one big promo for his book(s) to begin with. Geez, Larry King would be right at home with this kind of hard hitting journalism.

We have analysts running the country's businesses. These analysts are keen to fit companies into categories with predetermined performance characteristics, even though they typically know extremely little about a company's business. If a company reduces costs by outsourcing abroad this is deemed good for business, but in the end this is bad for our countriy.
Knowledge of people, as well as people, make the country strong. if you outsource to other (cheaper) countries you effectively raise the knowledge of our competitors. The downfall of Wall street has been a long time coming; common sense should start to be a requirement there. Shorting stocks and affecting stock values artificially should have severe penalties imposed on traders, their companies and their bosses.

RE: FAT CATS
I can't be the only one who sees this solution. It's not about how much the guys at the top make. It's about how little the guys at the bottom make.,,, the GAP! What would be so wrong with paying the rest of us $50-60K or more. Out of $250 million, it wouldn't even be missed. Why should intelligent hard working "worker bees" have to work 2 jobs to survive while these fools are off the charts? Few companies could survive without those who do the actual day-to-day work.

Nancy asked where she might be investing her money in order to earn a return. Simple: E V I L B a n k S t o c k s !. Warren Buffet, PIMCO Economists and the United States Treasury can't all be wrong. The cold reality is that the government is going to subsidize common share prices in those corrupted institutions.

Why shouldn't you earn a little money too. As for me, a small business owner, it's probably too late. I borrowed 45K at 12% and did not understand that banks could charge me as much interest as they wanted as long as they wanted. In the past four years, I've paid back 58K in interest and haven't reduced the principal by much. They just keep raising the interest rate... I tried to convert the debt to secured debt, but was turned down. Why allow me to pay 8% when the banks can get me to pay 30%.

The "credit freeze" is a scam to keep the banks in the black.

It would be a good idea to give up on the illusion of the FICO Score and go on a national "debtor" strike, but we're all too afraid to suffer the consequences individually. Why is the Wall Street Trader's greed any different? We are all just doing the best that we can for ourselves and our immediate families.

Greed is neither good nor bad. It's reality.

"The fat cats should have been devoured by the dogs for others to learn about their greed". They do not have any sense of accountability when they enrich themselves at the expense of the investing public.

I am one of the most reasonable people I know and I can't control my anger to the point that it is spilling over into every other aspect of my life. I don't know how I will move beyond this. I wanted to leap through my screen at this guy. THere is absolutely nothing he could say that would satisfy my bloodlust for retribution.

This guy's remorse doesn't ring true - he arrogantly refers to himself as a wolf. A wolf is a noble beast. This is a hyena. He and his species glibly took everything I've worked my entire life for and left me facing my long-awaited retirement wondering how I'll recover everything I've save and sacrificed - while I'm paying higher and higher taxes to pay back government loans that I never authorized. I may be one of the unwashed Jill Sixpacks whose level of intellectual sophistication is no match for these vipers, but I have no confidence in the iffy ROI that's been dangled in front of us.

I'm not alone in this– decent people I've known all my life all have some form of this white-hot anger, devastation and fear. Oh, except for all those new neighbors who bought those McMansions with no money down, lived a pale imitation of this same soul-less life they watched on 'Lifestyles of the Rich and Famous,' while sending their children to Vegas weekends for their 21st birthdays, put their roaring, gas-guzzling performance boats on our peaceful lakes and dismissively regarded the rest of us with disdain for our so called naivete.

This will not be over until there are significant prison terms for the wall street perps, and lots of them - with the equivalency of terms served by people who have ever held up a corner with a gun for a measly $1000.

Devil in blue jeans.

I missed the show, so I am just commenting on the question posed here ...
(btw, how do I know when you will be reporting?)

I believe that ... in a perfect world, we would be passing on to our children (not that I have any yet) all of the "good" that are parents have taught us. That is because our parents (guardians) are the ones who shape our views of this world. If they are not, then there is something fundamentally wrong or broken. In fact, that, I believe is the biggest problem we have now in Industrial countries. I have lived in Japan, U.S.A., Canada, Switzerland and Ireland (during the period when Ireland was doing well) which are all countries that have enjoyed prosperity and I see that this problem of lack of parenting is moving towards the countries that are doing well in their GDP. My guess is that parents are consumed by their jobs in these countries and are leaving their children behind ... pretending that they are not by providing the enormous financial assistance that they need these days in education etc. And in the absence of guidance, children will not know where to go for guidance and will sometimes get it from bogus sources. That's a real problem for children who are in the middle of their development. I have seen this first in Japan ... back when U.S. was warning that Japanese people work too hard. Parents in Japan thought that it was best to leave children in school, even after 4pm ... possibly because they would have to do less if they spend less time with them. I now see this trend is in the U.S. This "Let's put our children in classes (football, baseball, whatever) after school so we can work more and make more money" attitude will fail in the long run. Of course children will start to look elsewhere for guidance ... the parents aren't there! I am not an expert on psychology, but there is something about family that is crucial to the development of our complex equipment which we call our brain.
I am willing to bet that your parents have been your guidance. I don't know you, but everything that you do tells me that you had the right guidance. What one chooses to "model" after that, is less of an issue because now you can "think" for yourself. Whatever it is, one is most likely to extract the right ideas from anyone (or anything).

In my humble opinion, that is what is important.

Again, I think you are doing a fantastic job as a journalist ... I don't know you, but you have my admiration.

(And just a random thought ... of all the people sitting at the round table, you were the only one with a "proper posture", if there is such a thing. If you can, you should post a picture of the "round table" ... there is a stark difference between the participants. Why does that matter? It just tells me what your "attitude" is ... very professional)

I watched the show last night and the part when the talk show hosts got infuriated by the fact that the rich Wall Street investors were earning lots of money using the public's money and losing the public's money when they failed.
But think about it. That is the whole purpose of the bank: investing your money.

People are cattle. Stop for one moment and ask yourself if a bunch of fools were to give you 480 million bucks would you give it back? Would say oh no this is way to much for me, what about everyone else? I ask anybody on this forum, would you honestly do the right thing when you think of it. If any body needs to be punched is our government officials who let it get to this point and harder than anybody its every rube who allows a society of materialism to exist, but protests when the excess caves that same system in. We have entire shows devoted to excess ('E','Lifestyles of the Rich and Famous','Cribs'). You make the call if this guy is making 480 million dollars who the hell is paying him and how much does he/it make? Athletes who can barely read much less contribute to society get paid as much in salary and endorsments so spare me the chastisment over this fool who started in the mailroom. Whom I wonder if Shaq started on the bench or if Paris Hilton worked her way up as understudy to diva. Put it in perspective and then ask yourselves who should I really be pissed at; this guy or myself for not being a revolutionary.

Instead of jets and lavish parties, you should show rural West Virginia, or the colonias of South Texas. The only way these people obtained so much money, was by keeping so much from so many.

Why does the media present the current activity on Wall Street in the light of everyone in the stock-trading business "losing their shirts" ...?

With the wild swings, PLENTY of money is being made everyday by many of those who trade in and out of the markets on a daily basis.

And FAR MORE money has been made by the traders who have taken the short side of the market over the past year, either by short selling stock, or – more lucratively – by owning "put" options.

Nowadays – through option trading – there is far more money to be made – far more quickly – by killing off a publicly-traded company than by making it work. Taking a stock price from $40 to zero is far easier (by running the company into the ground) than taking the stock price from $40 to $80 by running the company successfully.

Many of the "Fat Cats" are still very much alive and very financially well not "despite" the precipitous drop in the market, but because of it.

Thx!

Why are we bailing these people if they have that much money? Why is it our problem now? This whole thing just doesn't make any sense to me.

These people are nuts. It's like that guys said. "It's like adult Disneyland for dysfunctional people." I'll prey for them all.

If it were not so serious, it would be funny. You show a party where beer is flown in "straight from the Domnican Republic just for me". The comment is made that "more was spent than the population of Italy". In the next breath one of the commentators says something about going out and getting 2 or 3 plasmas on credit that you can't afford.

What a slap in the face! While many are tryng to decide how to buy gas to get to work or groceries for a week, the Fat Cats not only party but flaunt it and brag. And at the same time shed a few tears and say "help me, bail me out". And our government says to us that we have to bail them out; we have no choice.

If there is any justice, your greed will be your landing pad when you fall.

I want to know if he is"OFF DRUGS"..,why are his"EYES STILL DILATED".?

HI ME AND MY HUSBAND ARE WATCHING WHAT WE ARE CONCERN ABOUT IS THE FACT THAT MONEY IN THE BAILOUT PLAN WAS GIVEN TO THE FAT CATS AT WALL STREET INSTEAD THE PEOPLE THAT NEED IT THE MOST IN THIS COUNTRY WHO ARE HURTING EVERYDAY TRYING TO KEEP OUR HEADS ABOVE WATER IN A ECONOMIC CRISIS. ITS SAD WHEN THE GOVERNMENT WILL RUN TO HELP THE RICH AND WILL DO NOTHING FOR THE POOR. THIS FOOTAGE WE ARE WATCHING IS AN OUTRAGE

Who hires Fuld and others like him and why do they give these people carte blanche for compensation? 2 minutes ago from web

I really cannot believe you had the nerve or the audacity to brag about the money you made. What about the middle class or little guy trying to make ends meet everyday? People like you should rot especially knowing how our economy is.

Guys like Mr. Belfort are the prime reason I have no confidence in investing in Wall Street! He cheats people and then spends just two years in jail? I think its time guys like him need life in prison!!! He needs hard punishment, not a slap on the wrist. He just confirms my feeling that all the folks who work on Wall Street are just scum bags!

Thank you Marc – who gave Jordan and others like him free reign and the cookie jar to boot!

I have always wondered how anyone can actually think that anyone is worth millions of $$ a year. There are only 24 hours in a day. So no one can claim to do that much more than anyone else.

Even allowing for extra education. No one can get that much more schooling than someone else – not and still spend some of their life working.

Twenty or thirty years ago, some far-sighted people were speaking out against the business "bull" that was being taught at Harvard Business School. Harvard was teaching that managers and CEOs were entitled to so much more than the people they manage. Teaching that they were the privileged because of their educations and drive and the connections they make.

I have been angry about this crap that the Good Ole Boy types have been getting away with for so, so long, not just in the last couple years. This problem has been building for years.

But you know it's not just Wall Street or Bankers. It's everyone who helped it happen – realtors, house inspectors, tv home improvement type shows, and especially tv and radio news shows that just spout sensational tidbits without telling the really important details.

As a former employee of Lehman Brothers and a current employee of Barclays Capital, the Firm that acquired Lehman's assets, I'm embarrased that your show included Dick Fuld, a decent hard worker who spent his entire career at Lehman and Jordan Belfert, a man convicted of fraud who lied to thousands of harmless investors. Did you forget about the billions of dollars that Lehman earned when Dick Fuld was paid this compensation? What about the average American family who purchased these homes with 100% loan to value and no down payment knowing they would not be able to afford these mortgages once these ARMs reset? That's the underlying cause of this crisis, not Wall Street individuals designing financial products that earned large bonuses.

for your guest on the phone:

Who do you blame for your past experience : your job as a stock broker ? the stockmarket regulations or yourself .? What do you think of being a stok broker?

G.R.E.E.D. – Get Rich Economics Erodes Democracy

Don't forget CEO pay above $500K is tax deductable for corporations.

This guy is just sorry that he was caught!!! He should only get one chance and since he screwed up, He should have to devote the rest of his life to paying back all the people that he scammed. He knew exactly what he was doing, ethically he can't be trusted and why should anyone give him that second chance, especially when they have such an important role. Just like a doctor or an attorney.

Sorry Charlie....He's a scam artist!!!!

All of these people have cheated the US Public – and have been protected by the thieves in Congress. Why would anyone consider voting? By voting we give them a job – and if we owned a business, would anyone of us be willing to hire any of the current candidates?

Perhaps the mot concerning part of the whole financial crisis, the housing bubble, corporate greed, etc., is that we all took part, yet are looking for someone else to take the fall. It was not just the fat cats of Wall Street who displayed arrogance and ignorance, but "joe the Plumber' in Las Vegas, who bought six houses actually beleiving he would sell them all for huge profits before even having to close escrow (which was an impossibility). Has anyone learned? How do you make money in this world? For starters, you need to actually add value to something. How do you makje smart investments, by carefully studying the business model, understanding the risks, and taking chances that have been weighed against the risks.

Who deserves a bailout? No one. I am hurting, for sure. Most of us are. I dont expect a check in the mail, a forgiveness on my debts. I will continue to do what I do, honestly, with integrity and intelligence. I will not, and did not, turn my back on my basic values in exchange for a buck, and know that this is all that I will have that adds value to the global economy if which I am a part. Perhaps if we all feel the pain, we will learn the lesson. Of course, some do need to feel it more.....

These are descriptions of sociopaths that may not phyically murder.
In May an x ray showed a mass in my lung. I have no insurance or money (since I lost my job also) anc cannota afford the CT scan recommended by my doctor. The work hard play hard mottoe makes me ill. I have at times in my life worked 4 jobs to survive and had no time to play. Tihis makes me physically ill and brings up the consideration of leaving the country I love and going somewhere that is more socialist and will help me take care of myself.
I know that my story is thee same as thousands of others.
Vicki Eastridge
Virginia

I do not feel sorry for the Wolf Of Wall Street. He has Not paid his dues. He should have been sentenced to community work for the rest of his life. I will never buy or read his book.
After Enron these greed mongers did this? I feel their party is not over. They will never learn. Precedence was not set unless he was sentenced to community service interminably, much like a child you send to their room to think about what they've done; only in this case for the rest of their lives.

Obviously The free market doesn't work... We need some regulation..

Maybe someone could actually tell the real story. Derivatives! Explain to America about the high risk financial instruments that were pushed. About time we see a detailed report on these virtual markets.

Fall of The Fat Cats:
CNN has done an excellent job exposing the excesses on Wall Street.
But CNN and other media should remember that there are lessons for everyone who benefits from unbridled excesses.
The media seem to have no limits on what or whom it can expose, irrespective of the pain and suffering imposed in the process.
The Fat Cats on Wall Street have been bailed out by the taxpayer.
But who will bail out the media when its turn comes?
Just as Wall Street had no "Checks and Balance' during those excessive days, so too the "Media" seem to have no Check and Balance in its area of operation. To whom does the media report? ITSELF?
The media should notice that the very bankers who would not think twice about foreclosing on the poor taxpayer after one month of default, are the same bankers who came begging for a bailout from that same poor taxpayer. Life is like the stock market: those that are up today may be down tomorrow.
October 19, 2008

I think it's unfair to blame EVERYONE on Wall Street for this dilemma... Jordan Belfort, the self-proclaimed "drug user" and all around jerk is the exception NOT the rule! Most people working in the financial sector of Manhattan are hard-working, honest people, working hard to make a nice life for themselves and their families. Our current ecomonic situation is EVERYONE'S faults, we ALL lived beyond our means, all partook in the credit free-for-all and all bought things we couldn't afford. People should stop placing blame and instead seek to change the citizens we have become.

We investors are walking "marks" for investment fraud and the type of situation we are suffering from on Wall Street. We "trust" too much, believe what our investment "helpers" tell us, and we DON'T DO OUR HOMEWORK. Why in God's name would anyone who has worked hard for their money, hand it over to someone we do not know to invest our money for us in companies we do not know the history of and THEN turn around as SHAREHOLDERS proxy our votes, never attend a shareholder meeting or conference into one and then LET OTHER PEOPLE again make the decisions for us!!!

As a loser in this game I have learned my lesson:1) do my homework 2) always attend shareholder's meetings in person or by conference call 3) by my shares individually – mutuals will suck you down every time 4) act like this is MY MONEY I AM INVESTING.

As they say on Wall Street – there are plenty of gamblers out there and I SAY if you can't afford to lose it then don't play it. You might as well, as they said, after the BIG ONE on Wall St. when folks jumped from windows, "put it in a tabaca can, dig a hole in the manure pile, and bury it." because at least you have it for tomorrow.

The solution.....WE are a big part of the problem and we need to get smart with our money and who we give it to.

America needs to wake up to the fact that most of the coporations on Wall Street and across America owe much of the success if there is any not to the top echelon anymore than to the workers in the field, factory, call center or what ever the company is in business for. As a former General Manager of a corporation I find it appaling that Amrica has forgotten that the best idea in the world will go no where if all of the pieces on real commerce are not in place and functioning. Companies traded on the various markets are owned by all of the stock holders, not just the few rich majority. If the politicians, stockholders and "we the people" let these fiascos stand we deserve what we will reap in the end. It will not be pretty.

So I watch this special yesterday and as I am waiting in line at Starbucks in Manhattan Beach, I see what I think is the Wolf of Wall Street. I am 99% sure it was him, he had an apple computer and was surrounded by more than three beutiful young ladies. Does anyone know if he lives in Manhattan Beach, California? What a crock this guy is, he seemed to be very happy sipping on his latte.

Watched a portion of Rick Sanchez's show tonite about Wall Street CEO salaries, although I missed most of it due to the ALCS game. Hope to see a rebroadcast.

From what I saw, I offer two comments:
1. There was no representation on the show by a "typical" Wall Street CEO on the panel to present the case of "typical" Wall Street CEO's. Is Rick affraid to debate this issue with a typical CEO? I surmize that his shallow knowledge about this issue precluded having a more intelligent debate with a representative of that sector of US business.
2. Why is CNN focusing on Wall Street CEO salaries? What about Hollywood star salaries, or sport celebrety salaries, or heaven forbid, news media celebrety salaries? Your credibility on this issue is waning as you continue to focus on a boogyman for America's problems instead of working with Americans to solve the probelm.

The problem in this world is that no one asks questions when profits going up 200-300% – even if it clearly looks like a magic trick and react only when things start going down.
Question both ways and we will not be in trouble again.

It's so sad to hear that man from saying in front of comitee at the end of the segment " IT IS A PAIN THAT I HAVE TO LIVE WITH" That is going to a bad pain with all those millions of dollars that he got, believe me I will like to have a kind of pain like that.
Now I do understand why employees salaries never go up because all these CEO's are making or taking all the money so poor america can go to hell and CEO's can live in paradise.

Its ashamed that our government acts so stupid. Its all about being and rich and famous. But what about the economy. What about the middle class. The individuals who work hard everyday to pay taxes to the federal government who apparently shows no compassion for the people. They should have let wall street fall. They allowed them to inflate the market and now we have to pay the price by bailing them out. The governments job is to protect the people. Not trick them into thinking that everything will be ok.

It's easy enough.

Have a legislator draft a law. Pick a sensible income cap above which one person's income become obscene: say, $10 million. Then, any earnings above that are taxed at a rate of 100%

Dan G:

I do, in fact, clearly remember the billions of dollars Lehman acquired during Dick Fulds reign. And where did those billions of dollars come from? And equally as important, where did they go? This ocean of dollars is not some cosmic cash cloud floating in cyberspace waiting to be harvested by the non-productive among us.

This ocean of dollars is, in fact, the sum of the investments of Americans in American businesses and retirement accounts. Dick Fuld, you, and the rest of the moneychangers of this world simply refuse to acknowledge this fact – for you, it’s just too much of a jackpot to jeopardize. In large part due to your experience in shucking the public, you believe that if you repeat your mantra often enough, the rest of the world will believe that it is raining. No, Dick and associates – a rapidly increasing number of us fully realize that you are, indeed, pissing on our collective backs.

Perhaps the “underlying cause of this crisis” is not so much the overextension of resources by aspiring home buyers – but by the unachievable cost of the homes they aspire to own, relative to the buying power our current economic structure allows them. Certainly, those that borrowed more than they can afford must share the responsibility for our current situation. If you can muster the math, the sum total of the debt of several millions of these families would closely approximate what Dick Fuld, you and the remainder of your “decent, hard working” associates sent to the Caymans.

Wall Street reported that when the Dow lost 700 plus points a few days ago, more than a trillion dollars in equity was lost to shareholders. Not exactly – more than a trillion dollars in equity changed hands – a subtle but very important distinction. Not one that you would probably choose to share.

We are facing a third war here in America, and this one is on the home front. It is a war pitting the investors against the divestors. We investors intend to win – with our without the assistance of the elected and appointed officials that are charged with assisting us in this endeavor.

I am glad to see so many people are as outraged by this report and the corruption on Wall Street and in D.C. This story helped me to understand why Mr. Obama has talked about "spreading wealth around". If any one of us who is angered from this report had the power to change the system, I would safely say that one desire would be to put a "cap" on this kind of greed at the expense of the average person.

Every time we buy something that is overpriced, it helps send a profit to these pigs. How many of them are taking their profit and sharing it with the less fortunate? Obviously, not enough of them. So much for trusting them to self-regulate themselves and take care of others – that is why the government has to step in and we are all paying the price.

At the end of the report, Rick Sanchez asked the panel "how many of you think this will happen again?" Everyone raised their hands... well, Mr. McCain is a reminder of how easy it is for this to happen again - He only got his hand spanked with the Keatng 5 situation. How successful was he at changing rules in Washington and getting his fellow Republicans to change the laws? Or for that matter, how successful was all his maverick charm at getting the Democrats to succeed in making a change? I can only hope that this type of reporting and the "power of the people" will demand the change that is needed for this country.

First off we definitely need some serious legitimate oversight. Shareholders need to be more involve in their investments even though these financial advisors are paid a handsome fee. The Addage when things were good noone was complaining is just irresponsible. Somethings are not predicteable but you know how well your company is doing. Taking bonus when an company is failing and employees are being laid off is just disgusting. These people on wallstreet are suppose to be the best and brightest. Yet some continue to fail maintstreet with arrogance and greed. As the old saying goes "nobody watches your money better then you". Ex-gov Spitzer was at least on the right track investigating these outlandish pay package before his fall. You want to spread the wealth start with wallstreet DO YOU HEAR Me OBAMA! This will never end its like a cycle 750 billion infuse into the market to manipulate mainstreet to jump back in. My book 'Who's Policing Wallstreet'.

Jordon Belfort is not a legitimate author making a legitimate income. He is profiting from all the illegal acts he did in the past. If he hadn't done those things, he wouldn't have a book to write. For him to call himself an author is a slap in the face to real authors that bleed out their stories, their experiences, then suffer through the torturous process of finding an agent, publisher and audience. His clincher statement that essentially he was still suffering because it took him a year to write his book, then wait longer for it to come to print for a mere 2 million dollars, was insulting to not only real writers, but anyone who works for a living.

Spending 22 months in prison for crimes defrauding dozens, perhaps hundreds or thousands of people, is nothing short of slap on the wrist compared to others who spend far more time in much worse incarceration for lesser crimes. I thought criminals weren’t supposed to profit from their crimes, but I guess I was wrong.

It was clear to me that Jordon Belfort hasn't truly learned a thing. He is just playing another role grabbed from some other fiction, this time, the poor me Holden Caulfield, seeing his experiences as outside of himself. If he truly did realize his faults and errors, he would be using his intellect and money-making acumen to help raise others up. I dare say that he could buy housing for ten families for the price of his Manhattan Beach residence.

Something is uniquely missing from Jordan's–and other's–view to reverse this entropy:

pen•ance n. 1. An act of self-mortification or devotion performed voluntarily to show sorrow for a sin or other wrongdoing.

Stuart Land
Thailand

I saw the interview and it just left me cold. Like the coldness of Jordon Belfort's gaze. Sorry, but there is no redemption there. This guy is gettig a little 'fix' from the success and attention he's getting from his book. The fascination with himself that never left. But reformed – no way.

What is absurd, or actually sad is that a huge portion of the population has continued to support and fuel the Fat Cats of Wall Street without doubt, that they/we are the losers of having our hard earned money being sucked out from their investments that we are saving for retirement, further affecting many of us that live on paycheck to paycheck.

The Wolf of Wall Street who earned over $250 million a year, is over 5,000 times of what an average household earns. Although, the amount may be a fraction of what a mogul such as Bill Gates earned at over $50 billion, or 1,000,000 times an average household, which is a population size of a major city, are these people’s lives worth the 5,000 or 1,000,000 times an average human being? Even speculative capital which morphed into the wealth earned by the Fat Cats, such wealth earned has to come from somewhere, ultimately the taxpayer, rich (1%) or poor (include middle class=99%), is their bait.

Despite of their efforts which have extremely accelerated the wealth of their beneficiaries, ultimately for their own greed, it has done absolutely nothing for the everyday individual not associated with their investment game, especially in the low income bracket, which in fact has been sucking the everyday person’s life support that most of us are barely clinging onto.

It is probably fairly reasonable of the Fat Cats' life work contribution to be 5+ times more than an average citizen which should put them already in the top 1% high income bracket and lead a happy life, as long as they don’t get any greedier for more than 100 times more income. Biologically, a life of a mogul is only worth a life of his garbage man. Financially, it shouldn't be a million times more...

When the dust settles, nothing is going to change unless a cap is set on one’s capital gains. It won’t mean that we need a socialist country, but with the money that can be shared more than today, to promote a country of decent yet with an abundance of successful citizens so we stop embarrassing ourselves to the world as the global troublemakers, and start focusing on becoming role models.

If the Fat Cat is really regretting his past, he is responsible in contributing to fixing this financial mess that we led the whole world in and surface all the bigots who are still under the radar.

Most people keep saying that people tried to live above their income lines.They say that People got loans that they couldn't afford. I say that these companies gave people low cost loans initially,and the prices Sky rocketed after the first payment,Because these companies wanted as much as they could get immediately,to fill their pockets. the citizens who got these loans thought they could afford them because of the original terms,but that changed as soon as these companies got their signatures. You have to wonder how CEO's and some of their constituants could leave away from defunct companies with millions of dollars if the majority of their customers did not pay their bills.

McCain is trying to scare the rich by saying Obama is going to spread the wealth by raising their taxes,and assisting the poor and the middle class. The rich need to understand they got rich off of the middle class and the poor. If the rich doesn't have anyone to buy their products, the rich won't be rich any more. Some of the rich will blow the money they pay for taxes for a year on frivoulous things in 3 months. The rich must realize how they got rich. Remember greed and coruption without rules is what got us in this economic crisis. I think they have forgotten what the circulation of the dollar means to our economy.

what a loser

Jordan is/was sooo smart and ambitious. Why is he living inthe past and not ut making real money like he is able to?

The question is why do we support greedy behavior? Why have
reality shows, that are all about greed & dishonesty...filled our airways?...why are we so drawn to the rich and famous? ...why do we wear their clothes,...but their books...walk their walk...and talk their talk.
Asking government to regulate us is not the answer! Becoming a socialist economy is not the answer! The answer is us ...we are the answer! As a country we need to support those who are trying to do the right thing....I'm one of those...I get stomped on all the time,.....no one wants to hear about the good ....hard working...those that help the less fortunate...because it is boring!!!! America wants to hear stories about the greed, rich and famous...... and how about those who are willing to work harder....willing to take risks?....Should they get the same as the guy who does very little? Don't confuse values with hard work and reward. You work hard,.... take risks...and you should benefit...however,.... what you do with your reward....is a value issue.....If our society made the fat cats feel like real pigs....Then five yachts and ten homes would be an embarresment...but we as a society glorify this behavior. So,...who is really to blame?

......Last week I was volunteering at a homeless shelter....(I'm a personal trainer who helps those less fortunate than myself become the best they can be physically.) ...I had a great idea to publish a cookbook that would benefit the shelter ...and also directly benefit those who were willing to help me. .... Of course everyone wanted a piece of the action, money ....recognition...etc... Once I explained that it would require working very hard....Perhaps many sleepless nights and endless days... to get this project done on time ............ only two homeless woman said.... We will work our fingers to the bone with you ,...We believe we can make a difference. ....I told them ....all our hard work may not bear fruit? .....Would they still be willing to sacrafise? ....They again said yes. Should those who are unwilling to sacrafise,... benefit the same as the two women who are willing? It is not a question of rich or not rich ....It is a question of values...there are a lot of wealthy people who have great values...and those who don't...there are many poor peole who have a termendous amount of class, and those who don't.

I am deeply distressed as many Americans are suffering from the collapse of our economic markets and the cost of what our government is incurring as we bail out he big banks and investment houses ($700 Billion). If the US Government is going to help these businesses, I suggest that we impose mandatory random drug testing of these Wall Street traders, Bankers and Investment executives and those in high positions that make decisions regarding the investment of our money. Please read the following remarks by Jordan Belfort to help illustrate my point.
The following excerpt is from “The Wolf of Wall Street”
Belfort claims heavy drug-taking is "pervasive" on Wall Street.
"There's a lot of hedge fund managers that love Quaaludes. Once again, it's all about the insane money. High-powered Wall Street guys don't lose their jobs if they have a drug problem. As long as they're still making money it's considered not the end of the world."
I served nine years in the US Navy and 23 years as a loyal Federal Government employee working on equipment directly related to the operation of Navy aircraft. I was always exposed to random drug testing as a condition of employment because of the nature and seriousness that human life was at stake for pilots and passengers on those aircraft, for the financial loss of the aircraft itself, i.e., $40 Million up and national security threat posed on our country from those kinds of losses.
I believe we are exposed to a much larger threat to national security by allowing these individuals to continue using drugs and getting a bailout from the government.

Frankee, you are absolutely right. We should not be baling people out who made trillions of dollars selling swaps that they had no intention of making good and are now convenienty claiming that they did not understand.

60 minutes has done several very interesting investigative reports explaining the nature of this crisis. They have gotten as far as saying that this was criminal. What they misteriously fail to disclose is the names of the people accountable for these 'bets gone wrong'.

Anyone who made a bet that brought down a company would be considered a criminal. These guys made bets that bankrupted the country and they get off without a scratch. Worse, the taxpayer is being sold a bill of goods about having the responsibility of bailing them out.

America, we need to keep insisting that these criminals be brought to justice. They need to pay off their debts to society. The crime they have committed is one of the greatest in this century. Millions of people have seen their retirement investments dwindle to nothing, millions of people are out of work, the world economy has suffered a debilitating blow and no one is held accountable?

Most of us reading this is a rich man/woman. Wealth means a roof over your head, food in your stomach, and clothes on your back. If you have internet access you probably have all of the above. These are not my original thoughts–I saw that on a TV show.

A lot of rambling here.......How many of you actually know anything about Wall Street? I guess you think everyone who works there is unethical, or even had anything to do with the crisis?

You know, it's funny that the movie "Wall Street" was mentioned. There's a line in that movie that goes "That's because he never had the guts to stake out his own claim!" Seems to be a lot of jealousy here. Don't blame others for the fact that your chosen career hasn't made you wealthy. You chose that career, nobody prevented you from trying something else.

Everyone has the right to create their own set of values.......And if someone puts money #1 on the list, who are you to say they're wrong? It's their life.

That so many of you are spending time criticizing it makes me think you're just jealous. If you weren't jealous, you probably wouldn't bother posting here.

Jordan is a small time fraudster. He never made near the money he claims, knows nothing about wall street, the financial crisis or anything else beside self promotion. The fact that he is a piker "author" and will never make good money again is a testament to his bull--. Alot of that old crew has gotten rich again not "shorty". Maybe he's a sheep in wolf's clothing but he's no real wolf.

Everyone has something negative to say about wall street. not everyone that is involved in that business is doing the same thing that he dad done. like in any business or career there are people who do wrong. there is nothing wrong with making over half a million a year or a million a year. The middle class always say money doesn't bring u happiness but with out it you wont be happy. some of you will bring god into this and yeah its true, but god never told you to be broke. its a benefit when you are the right person with money. your able to contribute more to your church some thing that most of you don't do. help out people that are less fortunate not by sending ten dollars a month, but how would all of you feel if you could donate ten thousand dollars a month for a good cause, it feels good. I agree money doesnt bring you happiness but its not a bad idea to have it. Stop talking negative about people that make more money that you, if you were give an opportunity to make more money i could bet anything none of you would turn it down, no one put you in the career that your in right now, its nobody's fault your not not making the money you want its your own fault.

It's very possible that the psychiatric industry has failed to identify the predilections of the illness that causes stockbrokers and advisors like Madoff to steal other people's money, and in fact, the illness may warrant, in the modern era, mental hospitals, not jails.

Since today, few people have possession of their own money unless it is under a mattress at home, it seems logical to approach the problem of property security from the ground up in view of the security features built into the system to measure the likelihood of theft including the money managers at banks, trust companies, and brokerage houses.

Unless America wants to keep building jails for non-violent criminals, we may need hospitals instead for the mildly afflicted who cannot differentiate between possession of the property of others, and their own.

I just like the style you took with this subject. It's not often that you simply discover a subject so concise and informative.

Bravo, this brilliant phrase is necessary just by the way

hiya

just found your site and wanted to ask for some advice on marketing

hopefully this is just what im looking for, looks like i have a lot to read Im trying to find a way to build an e-mail list.