Just-in-Time and its Hazards (Including “Illicit Wealth Transfers”)
Tuesday, August 4, 2009 - 10:07
in Mathematics & Economics
Last month New York’s Attorney-General Andrew Cuomo criticized banks – including Citi, Merrill Lynch, Goldman Sachs, Morgan Stanley and JPMorgan Chase – for paying large (okay, huge) executive bonuses when the companies were losing money. He called this an illicit transfer of shareholder wealth to the pockets of individual managers. Cuomo’s report spurs me to tell you about a certain illicit transfer of taxpayer money to private pockets, one that’s been bothering me a lot... read more
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