The Financial Tsunami ( FT ) - The Way Forward ( 19 ) - Scattering of the Stars

http://www.nytimes.com/2009/04/12/business/12wall.html?_r=1&th&emc=th

According to the New York Times ( see above link ) the top talents on Wall Street are scattering to the wind because of government scrutiny of the top financial firms ( in particular the crackdown on excessive remuneration packages to top executives ) where our present predicament of the global financial crisis has originated.

There seems to be a sense of sympathy and a lot of lamentation on this scattering of the star performers on Wall Street as if the new regulatory measures had forced the exodus of our best financial talents and that we had done them a great injustice.

This kind of attitude we can do better without. If the so called talents left their fold for greener pastures ( or more greenbacks - unlimited remuneration ) they are totally justified in pursuing their personal goals. However, we must respect history and learn from our mistakes or else we all risk endless future catastrophes of a similar nature.

The basis for both democracy and free enterprise is the sanctity of basic human rights but that is not to say that the public interest must be sacrificed for the unfettered exercise of our insatiable greed for individual wealth at the expense of our fellow citizens. It is time for a more moral team of financial talents to take the helm of the Wall Street financial engine - an enlightened bunch who do not labour purely for personal gains but do hold the ideal of striving for the greater good of society as a whole and a fair go for our fellow citizens. By all means reward the talented. After all, this is the best part of a market economy in terms of incentive for personal efforts which will ultimately lead to efficiency and an optimum distribution and utilization of always limited economic resources including the most valuable category of them all - brain power or talented human resources. The catch word here is " LIMITED " without which there would not have been any need for the vital discipline of ECONOMICS. If our resources were unlimited we could just waste them to our heart's content without the fear of hanging ourselves high and dry in times of scarcity because there would never be any shortage.

Similarly, there can be no unlimited reward of efforts. The top financial talents are all supposed to be experts in economics so how could they have missed this most basic of all economic concepts of " LIMITED " everything ? The short and simple answer lies in another evil concept - DOUBLE STANDARDS. For the black sheep of our talented financial genius it has always been " LIMITED " reward for everyone else but themselves based on the basic economic principle of SCARCITY. Perhaps, I have underrated their wisdom. They are, in fact, working hard on applying this sacred economic principle. Based on the principle of SCARCITY, the less for other people the more for themselves - this is perfect logic !

I have yet to hear from any Wall Street star performer about their talented ideas on how to save ourselves from our present predicament so graciously bestowed upon us by the SCATTERING STARS OF WALL STREET. Not to say positive proposals to save the world from another Great Depression just give us their insights into their dirty tricks that had reaped themselves billions of dollars in remuneration would be a good start. This would help us to put in the right kind of regulatory system in the global financial system to prevent more future disasters.

I hereby challenge any one of the SCATTERING STARS OF WALL STREET to put up an open defense for their heinous crimes if you dare ! Or are you all standing by your Fifth Amendment right on silence lest you may incriminate yourselves ?

JKHC.