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Posted by on Mar 15, 2010 in Business, Markets, TG Roundup

I am Good Enough, Smart Enough Doggne it, I Deserve it!

For the last few days I have been waiting for this 60 minutes piece to be aired on Sunday. When it actually aired, I missed it. I finally caught up with the video. Michael Lewis and Steve Croft pretty much exposed the obscene entitlement culture of the sociopaths on Wall Street. How deserving are these pigs for the bonuses? Michel Lewis explains how stupid it was for him to get paid 200 grand as bonus when he was a 24 year old at a Wall Street firm. He still doesn’t know what he did that rewarded him with such a hefty bonus in the early 80s.

As I was watching this story, I thought about Stuart Smalley’s (played by Sen Al Franken when he was a comedian) catch phrase: I’m Good Enough, I’m Smart Enough, and Doggone It, People Like Me! (See the video below).

For Wall Street the phrase will be: I’m Good Enough, I’m Smart Enough, and Doggone It, I Deserve My Bonuses!

Watch these two fascinating videos and please leave a comment with any catchy quotes/phrases you notice (with time stamp). I would like to use them for my show next week.

Part 1:

Watch CBS News Videos Online

Part 2:

Watch CBS News Videos Online

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1 Comment

  1. Mohan garu,
    I could not get the time stamps from the embedded videos for some reason. The same seems to be happening on the CBS website as well. So I cannot quote exactly but the following are some of the shocking things I found from the video (all of it is in the second half of Part 1):
    – (8:54)(I could get the time stamp for only one from CBS website) Wall St. ignoring the numbers
    – (Abt 11:00) About AIG’s naivete
    – (Abt 12:30) Then about Goldman Sachs helping the rating agencies design the models that give the ratings
    – Towards the end, Hubler’s screw up and getting bonuses when he resigned
    – Then (14:30 may be) the “experts” getting paid for fixing the system
    – Political clout

    From Part 2:
    – 2nd fourth of Part 2: The reasons that the firms give publicly for giving the bonuses – if we don’t pay then these “smart” people will leave for other firms
    – At the end: about reforms