"Pilate saith unto him, What is truth? And when he had said this, he went out again..."

Location: Tampa, FL, United States

Tuesday, February 10, 2009

CEOs to enter the laundry business?

Before commenting on Obama's recent decision to limit the pay of CEO's of nationalized banks to $500,000 per year, it's illustrative to note that other, like top dogs scrambled to hold on to their resources. Former Lehman Brothers CEO Richard S. Fuld, Jr., former Merrill Lynch CEO Stan O'Neal and Chrysler CEO Robert Nardelli have all recently deeded homes to their wives to ostensibly protect their assets from creditors.

While the CEOs who'll hit this $500,000 ceiling may not deed their homes to their wives it will be interesting to see if any of them will eventually get caught laundering money to "obey" the $500,000 per year limit. If you hear about a housekeeper at a nationalized bank making $499,999 a year it may be worth watching to see where he or she keeps their savings, and where the withdrawals end up. This should prove amusing.


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