{"id":11775,"date":"2009-03-18T15:00:36","date_gmt":"2009-03-18T15:00:36","guid":{"rendered":"http:\/\/127.0.0.1\/site\/2017\/2\/1985\/steven_pearlstein_wall_streets_dangerous_refusal_to_learn\/"},"modified":"2009-03-18T15:00:36","modified_gmt":"2009-03-18T15:00:36","slug":"steven_pearlstein_wall_streets_dangerous_refusal_to_learn","status":"publish","type":"post","link":"https:\/\/kendallharmon.net\/?p=11775","title":{"rendered":"Steven Pearlstein: Wall Street&#39;s Dangerous Refusal to Learn"},"content":{"rendered":"<p>You have to wonder what else has to go wrong, how much more wealth will need to be destroyed, before the people on Wall Street get the message that it&#8217;s no longer business as usual.<\/p>\n<p>The latest outrage, of course, is over the $400 million in retention bonuses promised to those financial geniuses at AIG&#8217;s Financial Products unit last year, months before the insurance giant was essentially taken over by the government in a bailout that already has required an injection of $170 billion in taxpayer money.<\/p>\n<p>The legal argument for honoring these ill-considered contracts is that a deal is a deal and that trying to abrogate them will only wind up costing the government even more in legal fees and punitive damages. But that doesn&#8217;t mean the government and its handpicked new management team at AIG were powerless to renegotiate those contracts long before last weekend&#8217;s deadline.<\/p>\n<p><a href=\"http:\/\/www.washingtonpost.com\/wp-dyn\/content\/article\/2009\/03\/17\/AR2009031703022_pf.html\">Read it all<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>You have to wonder what else has to go wrong, how much more wealth will need to be destroyed, before the people on Wall Street get the message that it&#8217;s no longer business as usual. The latest outrage, of course,<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/kendallharmon.net\/?p=11775\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":794,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[40,149,168,616,151,667,599,583,596,594,34],"tags":[],"class_list":["post-11775","post","type-post","status-publish","format-standard","hentry","category-economics-politics","category-economy","category-ethics-moral-theology","category-office-of-the-president","category-politics-in-general","category-president-barack-obama","category-stock-market","category-the-2009-obama-administration-bank-bailout-plan","category-the-credit-freeze-crisis-of-fall-2008the-recession-of-2007","category-the-september-2008-proposed-henry-paulson-700-billion-bailout-package","category-theology"],"_links":{"self":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/11775","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/users\/794"}],"replies":[{"embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11775"}],"version-history":[{"count":0,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/11775\/revisions"}],"wp:attachment":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11775"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11775"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11775"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}