Silverbird
10-08-2008, 12:54 PM
By Mike Celizic
TODAYShow.com contributor
updated 8:53 a.m. ET, Wed., Oct. 8, 2008
Average Americans want to know how the lords of investment banking could keep telling investors everything was just peachy while the nation’s financial structure was crashing down around them. But not Walt Pavlo.
He knows all too well how easily it can happen.
Pavlo knows because he’s been there. He’s a convicted felon, a one-time senior manager at MCI who set out to do his job and ended up in prison
Bad decisions
Pavlo has no doubt that when federal investigators get done sorting out the mess that began with the subprime mortgage market, some of the people responsible will be going to prison, just as he did in 2001. They’ll go for the same reason: not because they are bad people, but because when things started to go wrong, they started to make bad decisions that eventually became criminal ones.
“People are going to go to jail for covering up stuff as it started to go south,” Pavlo told TODAY. “It’s going to take a while. It’s going to be a year or two years from now.”
.......
“People are lulled into believing they are that special to deserve that kind of money,” Pavlo said. But there comes a time when the goals set by supervisors become harder – if not impossible — to meet. And that’s when trouble can start.
......
http://www.msnbc.msn.com/id/27081173/
[I predict it will start with those fools at the AIG Spa Party!]
TODAYShow.com contributor
updated 8:53 a.m. ET, Wed., Oct. 8, 2008
Average Americans want to know how the lords of investment banking could keep telling investors everything was just peachy while the nation’s financial structure was crashing down around them. But not Walt Pavlo.
He knows all too well how easily it can happen.
Pavlo knows because he’s been there. He’s a convicted felon, a one-time senior manager at MCI who set out to do his job and ended up in prison
Bad decisions
Pavlo has no doubt that when federal investigators get done sorting out the mess that began with the subprime mortgage market, some of the people responsible will be going to prison, just as he did in 2001. They’ll go for the same reason: not because they are bad people, but because when things started to go wrong, they started to make bad decisions that eventually became criminal ones.
“People are going to go to jail for covering up stuff as it started to go south,” Pavlo told TODAY. “It’s going to take a while. It’s going to be a year or two years from now.”
.......
“People are lulled into believing they are that special to deserve that kind of money,” Pavlo said. But there comes a time when the goals set by supervisors become harder – if not impossible — to meet. And that’s when trouble can start.
......
http://www.msnbc.msn.com/id/27081173/
[I predict it will start with those fools at the AIG Spa Party!]