“A Plutocracy Ruled by Self-Centered Jerks?”

August 27, 2013

I spotted this headline, and couldn’t resist clicking on it. The intro says,

“Two studies released last week {August 2013} confirmed what most of us already knew: the ultra-wealthy tend to be narcissistic and have a greater sense of entitlement than the rest of us, and Congress only pays attention to their interests. Both studies are consistent with earlier research….”

This does seem to ring true for the most part. I think there are those rare individuals who were raised in privilege — maybe 3rd generation blue bloods? — who have minimal affectations and are really decent people.

As I’ve heard said, ‘they were raised right.’

The truly self-centered seem to be the pirates who rose from a proletariat family to economic aristocracy on their own – hell-bent on becoming rich and powerful – no holds barred.

My poster child for this syndrome is Joseph Cassano, who grew up in Brooklyn, where his father was a policeman. He earned a political science degree from Brooklyn College in 1977. No blue blood here!

In 1987, American International Group (AIG) hired Cassano as Chief Financial Officer for their Financial Products group.

By 2000, Cassano had risen to the position of CEO of the AIG Financial Products group, which had developed a very lucrative business selling Credit Default Swaps to various Investment Banks as protection against their potential losses on mortgage-backed securities.

Some said that Cassano was at the very center of the Great Recession due to his leadership of this lightly-regulated AIG subsidiary which seemed capable of writing its own rules on how it assessed risk; on how it priced risk; and how it compensated executives.

It has been reported that between 2000 and 2008 — the year he left the company — Joseph Cassano’s compensation from AIG was more than $300 Million.

Cassano walked away free, absolved of any improprieties by federal prosecutors.

Meanwhile, U.S. taxpayers injected $182 Billion into AIG to prevent it from destroying our American financial system.

What a fabulous inspiration for young people on how to achieve the American Dream!

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