Here are just a couple of hard-to-believe stories I stumbled across today. Seems the whole world is going bat-shit crazy.
1. Glenn Beck, master of the paranoid delusion, is at it again, this time over the botched Facebook IPO. Glenn believes, and spends 20 minutes describing, that the IPO was a planned failure orchestrated by the government to further a takeover of the internet. Apparently, the greed of the CEO Mark Zuckerberg, the ineptitude of the bank involved, and the sheer idiocy of the investors are not factors at all. Instead, it was all a government conspiracy, just like NPR.
2. At the other end of the insanity spectrum, you have the SEC, who recently decided that Lehman Brothers is too much of a hassle to investigate and possibly prosecute. So, they have backed off, sending the message that you can tank the economy, lie to the public, to investors, and to the government, receive bailout money to pay off your CEO's, and avoid scrutiny of your actions. If crime pays, everyone becomes a criminal. The SEC should really rethink this whole investigation thing, especially since it will probably encourage other major firms to follow in the Brother's footsteps.
3. And one that's not so surprising is a new AP study which shows that CEO pay went up 6% this past year, the second year in a row that it has increased. I don't know about you, but I've never gotten a 6% raise in a single year. Furthermore, the study found that CEO pay averaged about $9 Million for a public company. Pretty astounding...