Quote of the day

Another CNBC human travesty, host Mark Haines, on the what will happen if the million dollar Übermensch is replaced by a $250,000 counterpart.

HAINES: Let’s get back to what I regard as a fundamental issue here. I know it’s politically unpopular, politically incorrect. I know it goes against all of the populist indignation that’s out there right now. But you can’t really, it seems to me, expect that these Wall Street companies are going to be run well by a bunch of people who don’t make more than $250,000.

Call me a freaknik radical, but I don't think these companies were run very well by people pulling down tens of millions of dollars. What's the worst that could happen if we let some peon run the company for a laughable pittance of a quarter of a million dollars? He might collapse the world economy? You're right, too risky. It's a shame that you only become capable and smart when your paycheck pushes into that seven digit range.

Scraping the Scum from CNBC's talent pool

I think I'm starting to get a handle on this whole Financial Expert Television Personality thing...

Three years ago, when money flowed easily, Ronald G. Insana left CNBC to hang his own shingle as a hedge fund manager. Now, as he returns to television, he has but one misgiving about his foray into moneymaking.

“The one regret I have is we ended up losing money,” Mr. Insana said in a recent interview.

You really have to admire the sick cyclical nature of this process. Just as the network, much to the amusement of practically everyone, is having its lunch eaten by John Stewart on a daily basis, it goes out and re-hires someone who moonlights as the drunken captain of a hedge fund. To recap Mr. Insana's brave journey through the financial netherworld:

Step 1: Leave post as Financial Analyst at CNBC to make a pile of money.
Step 2: Instead, lose a pile of other people's money.
Step 3: Return to post as Financial Analyst at CNBC.
Step 4: Find new and exciting ways to lose other people's money.

[Ed Note: All steps involve profit for Mr. Insana.]

Didn't we pass a law requiring that these people, as well as those responsible for hiring them (twice) be flayed in public? No? Anyone care to explain why?