The perks of incompetence

BusinessWeek (19 April 2010, p. 41) excerpts Roger Lowenstein’s The End of Wall Street. This caught my eye:

Well into the crisis period, when banks such as Citigroup were operating on federal investment and when Citi’s stock was in single digits, Vikram Pandit, the CEO, was observed with a lunch guest at Le Bernardin, one of the top-rated restaurants in New York. Pandit looked discerningly at the wine list, saw nothing by the glass that appealed, and ordered a $350 bottle so that, as he explained, he could savor “a glass of wine worth drinking.” Pandit drank just one glass; his friend had none.

Even trust-fund kids who live up (or is that down?) to their spoiled-brat caricature binge on their parents' money, not yours and mine. And, although many trust-funders take more from society than they contribute, at least trust-fund kids don’t run massive companies into the ground while smugly continuing to believe the world owes them.

Posted by James on Monday, April 19, 2010