Monday, May 04, 2009
Hubris, not talent
Observer: The rich cried wolf. Now they deserve to be bitten
"...we can begin to query the facile identification of "top talent" with "top pay". "
Article from yesterday's paper, pertinent to some of the recent discussions here on 'talent'.
Posted by letthemfall @ 11:01 AM (1290 views) Add Comment
21 Comments
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1. japanese uncle said...
During the bubble economy era, the more stupid/reckless you are, the more respect you gain, since big business executives tend to be more conservative. Asset bubbles gurantee fortune for mindless gamblers for a few years.
The sorry episode of Freddy the shreddy, with humble accountancy background, just reminds me of the Bohemian corporal whose 'beginner's luck' dazzled the Prussian aristocratic brass of the Wehrmacht at least until his idiotic/doomed Russian campaign.
2. japanese uncle said...
Anyway, the banking executives are the winners, as they were rewarded on the basis of the remarkable profits they brought in (by taking advantage of all those abracadabra including off-balance accounting) during the bubble era, which were destined to be caught up with identical or even bigger losses afterward. And they are not obliged to compensate for the loss they cause.
3. ketha said...
I'm a bit worried The Guardian feels the need to explain the story of the 'boy who cried wolf' for a full whole paragraph before going into this...it's a pretty well known fable, surely?
4. new_order said...
Having a big brother as a child means sometimes he hits you but does not let anyone else do the same.
The UK is incompetent in some ways, but ruthlessly protective in others.
I work in IT. Months after announcing that most of these jobs will be done in India, they become subjected to terrorist attacks in the commercial districts. Now several months on, the IT sector in the midlands is expected to grow sufficiently to replace all the inferior car and car-part companies and the CEO of the major outsourcer in India is facing fraud charges. Big brother!
5. britishblue said...
Nice fair argument that looks at the moral and fair side what has happened rather than overtly politicise it.
6. Realist said...
There has been a great deal of gloating on this issue both on this site and in the Guardian/Observer. Which was precisely what the government wanted when they put this into the budget. Of course, the point that most people miss in the emotional arguments over the issue is that HMRC have admitted that they think this move will actually reduce the tax take from high earners which presumably means a greater burden on low and middle income taxpayers - might be worth remembering this as people celebrate the wealthy getting their come-uppance.
7. dohousescrashinthewoods said...
@ketha, I take it that's a comment on the education system?
Cue comments about GCSEs in the art of texting.
I'm inclined to agree, though. I made reference to Samson and Delilah to a graduate at my company (and we're talking a red-brick graduate who is in other respects a sharp cookie) and he didn't get it, until someone pointed out that it was from "that episode of the Simpsons".
The amount of classical shared heritage these days is truly minimal. I am shocked how little I know compared to my parents' generation, but that actually scared me. Chances are the reporter wrote a paragraph on it because they hadn't heard of it before.
8. letthemfall said...
I confess I wasn't aware of that episode of the Simpsons. Must get better education innit.
9. braindeed said...
Britishblue @5
I, too, think that this was as reasonable an assessment of the threatened ‘brain drain’ exodus as I’ve read in a while.
Though maybe it should be politicised or commented on in ‘fable’ terms – I just happen to think that the Reagan/Thatcher era has finally unravelled and that greed is not good.
I’m not in the majority yet, but hopefully…..
To pick an example of the still majority thinking, take a look at Michael Caine.
He’s worth ten’s of millions in assets and in his seventies or eighties, yet he threatens to leave Britain in protest at the proposed 50% top rate.
Thing is, why does he care at his age?.... and I just know he loves his home in London and all his friends. He’s such a ‘treasure’ that millions would miss him too – why do so many really rich people fear paying a little more when they have so much to fall back on? I was at the Wallingford regatta at the week-end, and truly we’re all so well fed and watered now- it mystifies me.
10. letthemfall said...
braindeed
I think we are in the majority: it's just that the wealthy have had most of the political clout and shout lately.
Trust you wore your boater and blazer at Wallingford.
11. crunchy said...
After starvation.......Greed is GOOD! : )
12. crunchy said...
., : )
13. braindeed said...
~ ~
{ʘʘ}
¿
Ó ….what does that mean, munchy?
14. crunchy said...
He's a wisp of a wasp with a worry. He's hiding somewhere in Surrey!
Abstract! ; ) .,. Greed is really good!
Enought said.
15. braindeed said...
No more word salad for the autist, please, waiter - he's had enough
16. crunchy said...
Bless!
17. braindeed said...
now you get it
18. crunchy said...
Shame you did not get mine. Bless!
19. braindeed said...
Oh, I did, Edvard, I did
20. crunchy said...
What a scream! lol.
It a shame talent is now purely about weight with no content.
21. inbreda said...
Sad thing is that - as mentioned above - this will actually reduce the tax take. It has already been printed in the local (channel islands) newspaper that the increase in the top tier income tax rate will be good for offshore tax havens (we try not to refer to ourselves as tax havens though). So much for Gordons rhetoric on tax havens - now he's pushing business our way!! THe man is so full of BS he must be bursting at the seams.