Captains, Pirates or "Special" members of Wall Street

Captains, Pirates or “Special” members of Wall Street

Delve into the ideology of one of the Captains of Wall Street for an eye-opening glimpse into narcissism. A recent Market Watch clip from an interview with Lloyd Blankfein, Chief Executive for Goldman Sachs Group Inc, reveals a pattern of disorders:

LONDON (MarketWatch) -- Goldman Sachs Group Inc.'s /quotes/comstock/13*!gs/quotes/nls/gs (GS 171.78, -1.62, -0.93%) chief executive defended the U.S. bank's bonus policies in an interview with U.K.'s Sunday Times, saying banks serve a "social purpose," and the return of high pay should be seen a sign of economic recovery.

"Everybody should be happy. Companies are looking to grow again and raise money. That's where we come in. The financial system may have led us into the crisis but it will lead us out," Lloyd Blankfein was quoted as saying by the newspaper.

According to the Times, Blankfein's pay package is likely to total GBP12 million ($19,904,458 US Dollar) this year, adding to the GBP300 million in Goldman shares he holds.

Narcissism: Diagnostic criteria (DSM-IV-TR = 301.81) (Wikipedia)

The Diagnostic and Statistical Manual of Mental Disorders fourth edition, DSM IV-TR, a widely used manual for diagnosing mental disorders, defines narcissistic personality disorder (in Axis II Cluster B) as:^[6]

A pervasive pattern of grandiosity (in fantasy or behavior), need for admiration, and lack of empathy, beginning by early adulthood and present in a variety of contexts, as indicated by five (or more) of the following:

1. has a grandiose sense of self-importance

2. is preoccupied with fantasies of unlimited success, power, brilliance, beauty or ideal love (megalomania)

3. believes they are "special" and can only be understood by, or should associate with, people (or institutions) who are also "special" or of high status

4. requires excessive admiration

5. has a sense of entitlement

6. is interpersonally exploitative

7. lacks empathy

8. is often envious of others or believes others are envious of him or her

9. shows arrogant, haughty behaviors or attitudes

$19,904,458.00 US dollars per year equals $2,272.19 per minute, twenty-four hours per day, whether his company fails or succeeds. He must be special, brilliant and entitled to unlimited success and associates with institutions that are also special and of high status. Membership is by “special” invitation only.

More on industry leading narcissists.

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HERE WE GO AGAIN - AIG ASKING TO PAY MORE BONUSES

AIG is asking the federal government compensation czar Kenneth Feinberg to bless payment now of $250 million bonuses that were due in 2008. AIG states that bonuses are necessary to retain key employees and is asking for the governments OK.

"Anytime we write a check to anybody" it is highly scrutinized, said an AIG official, who declined to speak on the record because the negotiations with Feinberg are ongoing. "We would want to feel comfortable that the government is comfortable with what we are doing."

This is not a minor problem and it should be scrutinized. The AIG rescue package stands at $180 billion.

A Citigroup analyst warned earlier this week that AIG, if it pays back the billions loaned, might then be worthless to shareholders. "Our valuation includes a 70 percent chance that the equity at AIG is zero," Joshua Shanker of Citigroup wrote in a note to investors. AIG's stock plummeted by more than 25 percent yesterday (July 9, 2009).

Last week AIG filed a proxy statement explaining the reason for retention payments and bonuses. "We needed to confront the fact that many of our employees, perhaps the majority, knew that their long-term future with us was limited, and our competitors knew that our key producers could perhaps be lured away. . . . Allowing departures to erode the strength of our businesses would have damaged our ability to repay taxpayers for their assistance." Understandably this could be very unpleasant for AIG.

Please read the definition of Extortion.

“Extortion: is a criminal offense, which occurs when a person unlawfully obtains either money, property or services from a person, entity, or institution, through coercion. Refraining from doing harm is sometimes euphemistically called protection. Organized criminal groups often practice Extortion.

The actual obtainment of money or property is not required to commit the offense. Making a threat of violence or a lawsuit which refers to a requirement of a payment of money or property to halt future violence or lawsuit is sufficient to commit the offense.

Exaction refers not only to extortion or the unlawful demanding and obtaining of something through force, but additionally, in its formal definition, means the infliction of something such as pain and suffering or making somebody endure something unpleasant.”

Please sign the petition to stop the payment of bonuses to AIG executives by clicking on the photo. Thank you.

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