[PEN-L:33356] Re: Re: Re: Re: the humbling?

["Carl Remick" <carlremick@xxxxxxxxxxx>]

> From: Nomiprins@xxxxxxx
>
> In a message dated 12/23/02 10:16:45 AM Eastern Standard Time,
> carlremick@xxxxxxxxxxx writes:
>
> > There was an instant poll on
> > the CBS MarketWatch site last Friday that asked readers whether they
> > thought
> > this settlement was severe enough on the banks, and 80% said no.  That's
> > not
> > a scientific survey, of course, but I suspect it accurately reflects
> > widespread investor dismay about the trivial penalties delivered here.  
> But
> >
> > I haven't seen one word in the media about investors' disgust.
>
> ... there's a complete disconnect between the
> punishment (which doesn't extend beyond these rounding-error fines) and
> public sentiment - but it's being swept away to make room for a brand new
> year of 'corporate responsibility.'

[Plus, there's apparently room for much mirth!  There's nothing Americans 
enjoy more than a good joke at their own expense, or so says Slate in the 
following:]

Is Enron Funny Yet?
Heineken's jokey corporate-scandal ad

By Rob Walker

Posted Monday, December 23, 2002, at 11:39 AM PT

Remember when the fall of Enron was going to go down as a historical 
inflection point that forever shattered our image of corporate America? 
Well, at least you remember Enron?some bad guys in suits, "complex financial 
maneuvers," paper shredding, that sort of thing. Maybe you're even hanging 
on to your outrage. Meanwhile, however, there is evidence from the world of 
advertising that the zeitgeist has reduced business chicanery from Defining 
Issue of Our Time to mere punchline.

In a recent spot from Heineken we peer through a high-rise window at an 
office holiday party, to the crooning of Dean Martin. "Let it snow, let it 
snow, let it snow," sings Dino in his vaguely decadent but always seductive 
style, and indeed the white stuff seems to be coming down plenty thick 
outside. Slowly the camera tilts upward, toward the top floor. Oddly, that's 
where the "snow" seems to be coming from. Within, we find power-suited 
execs, madly snatching up papers from a fancy conference table and stuffing 
them into a shredder. Box after box of documentation is getting the 
treatment, resulting in wastebaskets full of confetti, which are promptly 
emptied out the window. It cascades out in little flakes, fluttering past 
the happy (and innocent?) workers below. While Martin warbles blithely on, 
titles emerge against a background  of  corporate-made flurries: "To all of 
us who weren't naughty this year ? Happy Holidays." The Heineken logo 
appears briefly at the end.

Now wait a minute. Isn't it risky to make light of corporate malfeasance? 
What about all those solid Americans who showed up back when there were 
eight or nine congressional committees meeting daily on this subject to 
complain that CEOs are overpaid and selfish villains?

The answer is no, it's not risky. We've moved on. Last week the New York 
Times reported that former CSX honcho and Treasury secretary nominee John W. 
Snow will draw a pension based on 44 years of service, although he actually 
put in 25, and that his benefits will be based not just on his salary, but 
on his salary, bonus, and the value of the huge chunk of CSX stock he was 
awarded, meaning his former firm will pay him about $2.5 million a year for 
the rest of his life. As that piece noted in passing, this comes on top of a 
69  percent pay hike between 1997 and 2002?he was pulling down more than $10 
million annually as of last year?in a period when CSX shares fell 53 
percent, lagging the S&P 500. Enrichment for mediocrity isn't criminal 
fraud, but it's certainly outrageous. So was there anger and wailing in the 
streets? No. It was a one-day story.

So the Heineken ad is in perfect sync with general attitudes about corporate 
excess: Nowadays it's good for a chuckle. ...

<http://www.slate.msn.com/id/2075745/>

Carl


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