Letter to the Editor – Wall Street Bonuses
Reprinted from the December 20, 2006 New York Times
It’s Pure Greed, by Any Measure
To the Editor:
In Henry Blodget’s apologia for huge Wall Street bonuses, he defends free-market capitalism’s mechanism for rewarding those who “successfully take risks, adapt to change and develop profitable opportunities.” But surely those qualities, in and of themselves, are not worthy of praise, or society would think better of drug kingpins and war profiteers.
Perhaps we should not demonize those top traders at Goldman Sachs who reportedly made $17,000 to $33,000 an hour this past year. But please, Mr. Blodget, don’t tell us that we need to consider them heroes and role models for our children.
David C. Wrobel
Larchmont, N.Y.
Dec. 20, 2006
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