Makes Perfect $ense

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October 21, 2009
BY ANDREW FRYE

Billionaire Warren Buffett, who collects a $100,000-a-year salary for running Berkshire Hathaway Inc., said Wall Street pay needs a "downside" when profits deteriorate because of reckless bets.

"You have to put in something where there is downside to people who really mess up large institutions," Buffett said in an interview conducted by Business Wire, the Berkshire subsidiary that posts corporate press releases. "Too many people have walked away from the troubles they have created for society, not just for their own institution, and they have walked away rich."

"What you have to change in Wall Street, is you have to make sure that in addition to carrots, there are sticks," he said. "And it can't be a one-way street where they are making ungodly amounts of money when things are good and then they move on to someplace else for a while when things are bad."
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When I was in college a few hundred years ago, one professor said, "its ok to make a mistake, as long as you do not keep making that mistake." I really did not buy this at first, I was raised not to make mistakes in the first place.

But we are human, and we are going to make mistakes and errors. So I fully accept this idea. Its ok.

Whats not ok, like Mr. Buffets says, is to walk away after you have made a mess, and to walk away rich.

There has to be somewhat of a penalty when you make a "mistake." This is how we grow up and learn. When you spill the milk, you have to clean it up. Someone else should not clean it up.

Everyone has responsibility.When you lose money, or you lose your house, because of you own selfishness and greed, someone else should not have to pay what you owe. That is the penalty for the "mistake"

This reminds one of how Washington and the WH operates. They make mistakes everyday, do they pay a "penalty ?" - Not usually.

But we the people can make them pay, by not giving them our VOTES. Think about this the next time there is an election, and you are going to visit the Polls.
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