Too much greed, not nearly enough fear.

Liddy said the payouts were necessary to retain top employees with the specialized knowledge to dispose of $2.7 trillion in complex securities that ended up dragging the company to the brink of collapse last year.

It’s all bullshit of course; the “top employees” have no “specialized knowledge” or any knowledge really, other than of golf courses and extremely expensive hookers.

Nevertheless, this is very informative: once you’re a “top employee”, nomenklatura as they used to call it in USSR – you’ve made it. Nothing can happen to you; you can destroy a company and move on to the same post in the next one. Laws do not apply, you have nothing to fear. Unlike a politician, neither live boy nor dead girl will end your career; the FBI will not be looking for hundred dollar bills in your freezer.

This has both positive and negative ramifications.

On one hand, this, of course, reduces adversarial tensions, builds solidarity among the ruling class. All in the same boat, un pour tous, tous pour un. This is good, stability.

On the other hand – the rot. Too much solidarity and stability leads to stagnation and decay, like in Louis XVI’s court or post-Khrushchev’s USSR.

Lenin defines ‘revolutionary situation’ as the one where the ruling classes are unable and the lower classes unwilling to keep going as usual; the first half seems present.

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One Comment

  1. tim
    Posted March 19, 2009 at 7:06 pm | Permalink

    Yes, like all other “victors” throughout history, the current crop will (have) become fat, overconfident, and most importantly stupid. Their “skills” are so far removed from survival, that a dramatic reorganization of society would be dramatic for them. It only makes it easier to let the air out of their balloon.


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