Steve
Rattner, Card Carrying Member of Top 1%, Tells Us We Should Lie Back
and Enjoy Much Lower Wages Resulting From Globalization
A corollary to Upton Sinclair’s famous saying, “It is difficult to
get a man to understand something if his salary depends on his not
understanding it” is “People promote ideas that help them secure or
preserve a privileged position on the totem pole.”
A glaring example of these observations came in an op ed in the
Sunday New York Times by Steve Rattner, former Lazard mergers &
acquisition partner, later head of the private equity firm, Quadrangle
Partners. He is best known as the chief negotiator in the auto bailouts
(and he was criticized for not involving any auto industry experts). He
paid $10 million to settle a kickbacks investigation and agreed not to
work for a public pension fund in any role for five years. I happened
to see Rattner on a panel at a Financial Times conference earlier this
week and he elaborated on some of the themes in this piece, “Let’s Admit It: Globalization Has Losers,”
which reader Brett asked me to debunk line by line. I’ll spare you and
focus just on the most critical and bald-facedly dishonest bits.
Monday, October 17, 2011
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