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Not to beat a dead horse but...

This is a great representation of where the AIG bailout money went. It's interesting to see the uproar over the measly 160 million in bonuses paid out when tens of billions of dollars were handed out to US AND foreign companies that would probably receive close to nothing if we let the company fail.

Courtesy of http://nicolasrapp.com/

When you buy insurance from a company the onus should be put on you to make sure they can repay you if needed. I'm not sure why the American taxpayer is on the hook to repay the insurance liabilities...

AIG Bonus Uproar Continued

This story is getting more press than i expected and it should! The government is running around making irrational decisions like a chicken with it's head cut off. What person in their right mind, buys a company (the US owns 80 percent of AIG) and then creates a situation where all of the qualified people want to leave (take away their bonuses they were promised). Well, our elected congressman and congresswoman did just that.

Here's a pretty interesting NYT article explaining the mess and the problems associated with taxing away the bonuses.

http://www.nytimes.com/2009/03/21/business/21nocera.html?_r=1&emc=eta1

My buddy Scott made some great comments last night. "The US threatens its status as the leader of the free world, ie. where legal contracts mean something. Obama better veto this mess."

I couldn't agree more.

He went on to say, "the next law should outlaw words like million and billion (or trillion), it loses its effect. 165,000,000 (AIG bonuses) or 1,400,000,000,000 (nations debt). (the) Nations debt looks a lot worse like that."

Again Scott, I couldn't agree more.

Bonus takeaway?

I think the bonuses handed out at some of these failing companies like Fannie, Freddie and AIG was in poor taste but i don't think the government should pass legislation that specifically goes after the bonuses with a 90 percent tax (don't worry, state and local taxes should recoup the other 10 percent). It seems like it's setting a dangerous precedent. It says to me that if the government doesn't like how much someone gets paid they can specifically go after the person. This isn't a tax on all people who got a bonus. No no, it is a tax on some of the companies that received bailout money and some of them that paid out large bonuses.

I don't like this whole "do-over" mentality we are seeing from the government. They should be forced to deal with the repercussions of their hastily put together bailouts, regulations and laws. While it's completely unrelated i see a small connection with the Patriot Act which was unanimously passed after 9/11.

email

Gmail just released a new feature that allows you to "unsend" an email. Granted, you need to make the decision within 5 seconds of sending it; but it's a start.

You should be allowed to retract an email from anyone at any time as long as the person hasn't opened it. Microsoft outlook has a feature similar but i'm pretty sure it leaves the email in the recipients inbox and just tells them that you wanted to remove it. This isn't much help. Who could resist opening an email, especially if it tells you not to open it!

This would solve a lot of problems. I'm usually way to quick on the send button and i have even been known to accidentally hit send keyboard shortcut in the middle of an email.

Finally A Good Idea From the Auto Industry but Still Playing Catch Up

While it's much easier to ask the government for money it isn't going to get people buying cars again. Fear of losing a job is one of the major reasons people drastically reduce spending. This is especially true for big ticket items like houses and cars. In order to combat this, Hyundai, a Korean car company introduced the "Hyundai Assurance" program. You have probably seen their commercials. This is from their website,

"Finance or lease any new Hyundai, and if in the next year you lose your income*, we'll let you return it. That's the Hyundai Assurance.

At Hyundai we think it's easier to find a job when you've got a car. That's why, for a limited time, we expanded Hyundai Assurance, and we've added...something extra. A plus, as in Hyundai Assurance Plus. If you lose your income, we'll make your payments for 3 months while you get back on your feet, and if that's not enough time to work things out, you can return the car with no impact on your credit."

And guess what...Hyundai was one of three car manufacturers to increase sales last month and. Trust me, GM and Chrysler weren't the other two.

Today, AutoNation announced a similar plan. They are calling it the "Payment Protection" program and it will take affect at their 300 car dealerships. I would like to see more "outside the box" thinking like this instead of the all too common plan of just throwing up your hands and cutting costs (ie. jobs).

Stating the Obvious

Thanks CNN and all of you experts out there for making us all a little bit smarter today. The headline read, “Skiers can cut risks by wearing helmets, experts say.” Really? I had no idea. We all would be lost without these experts.

Experts have also concluded:

Stubbing your toe hurts, experts say.

Running makes people tired, experts say

Some people like chocolate ice cream while others prefer vanilla, experts say

Does the Pope really know All?

On his latest visit to Africa the Pope held firm on his stance that condom use is immoral. This is very unfortunate.

Much of Africa is plagued by STD's which is almost entirely preventable through the use of condoms. There are over 22 million people in sub-saharan Africa with HIV which not only affects the infected but leaves millions of children parent-less. And to think that it can be prevented....The Pope should be promoting the use of condoms. He probably has more influence and reach in the region than any other single person. The Pope should use his power to prevent unnecessary sickness, pain and suffering.

Why the Auto Industry

The government is going to give auto industry parts suppliers 5 billion dollars. ( http://www.bloomberg.com/apps/news?pid=20601087&sid=a4WnIZRxLwlU&refer=home) I remember the days when 5 billion was considered a lot of money. Today it feels like chump change (side note: Do you still pick up pennies when you drop them?)

The auto industry as a whole enjoyed decades as the only kids on the block. At the time they actually made better cars than the rest of the world and America's appetite for them was insatiable. Bigger, badder, more horsepower and flair; that's what we wanted. The big auto companies made huge profits and they were nice enough to share it with the hard working Americans that worked in their plants. They agreed to huge compensation and retirement packages and everyone was happy.

Unfortunately that little thing called globalization caught up to them. Trade barriers were removed, transportation costs dropped and Japan, Korea and others started to make reliable, attractive cars we wanted to buy. Instead of cutting expenses the American auto makers ignored the problem. Profits were down yet costs remained high. Seems like business 101 to me. American unionized auto workers make more than equally skilled non-unionized workers at foreign car plants IN AMEICA. It's not like I am comparing their wages to people in India or China. These workers are all American and have equal skill sets yet one makes more, huh? That doesn't make sense.

I don't want to sound like a grinch and say that we should let them all fail. What i want them to do is admit their mistakes and crush the unions. Let's make the American auto industry cost competitive with the rest of the world. The union contracts need to be dismantled and the only way i see it happening is through bankruptcy. If we allow the auto industry to continue to pay above the market wage for it's employees we, the American taxpayers will have to bail them out every couple years (or months).

I originally wanted to write about why politicians are so keen on saving the auto industry. Why not give the newspaper industry or consumer electronics industry (Circuit City) huge sums of money. I mean, they are also poorly run, don't they deserve some cash? But then i realized it was all probably related. What I believe got the auto industry into this mess, the Unions, probably has a strong lobby group in Washington. They can effectively threaten Washington with fears of double digit unemployment.

“Cheney Drinks Starbucks”

I was siting at a coffee shop today writing some application essays when I noticed a coffee salesman walk into the shop, which will remain nameless. Just joking, it was Pablo’s and they have incredible coffee. They roast their coffee in the shop so it smells incredible. So, the salesman and whom I believe is the shop owner and one of the coffee specialists (I made that up, but he looks like your classic coffee shop barista with his ripped jeans, thick rimmed glasses, beard and tattoos) all sat down at a table next to me. They placed 4 small bowls of ground coffee beans, a stack of empty small bowls, 3 cups of water, a large thermos of hot water and lots of spoons. They each took a generous portion of the ground coffee and put it in their personal bowl. They seemed like they were having a good time as they shoved their noses deep into the bowls and made the classic, mmmmm noise. They then poured the hot water into the bowl and let it steep for a little. Next, they used their little spoons to slurp up a little bit at a time. They would lick their lips, roll the coffee around their mouths and then think about what they had just experienced. To tell you the truth, I had a small urge to yell at them that it’s just coffee and not a 30 year old Barolo but I resisted. This was their livelihood and I didn’t want to belittle it… The owner and his cohort would take some notes, contemplate the experience some more and then jot down some more notes. This process repeated itself for each of the 4 types of coffee.

When the owner stood up he exclaimed, “that’s awesome.” If I were a salesman I would take that as a great sign that I was about to make a sale.

I really enjoyed how casual the whole process played out.

P.S. They inspected the whole coffee beans and one of them said, “I love the color!” I’m not sure why he then stuck it in his mouth…

It’s amazing how I can find distractions even in a place without internet access. (Why does the computer always want to capitalize “internet?” Am I missing something? The last time I checked it wasn’t a proper noun but I’m no grammar specialist. (and I have never actually checked)

Credit Card Defaults

Things are looking great, right! The end of this recession is near. The markets rallied last week and it appears to be continuing this week. New home construction, a market indicator, unexpectedly increased, albeit from record lows. Hurray! If you spend any time watching the pundits on T.V. this is what you would believe. So, we're out of the woods right?

I wouldn't get your hopes up.

Credit card defaults jumped...again. Reuters reported that credit card defaults hit a 20 year high. American Express reported that its net charge-off rate, the debts companies believe they will never be able to collect—rose to 8.70 percent in February from 8.30 percent in January. Once again it appears that Citigroup made some poor business decisions. Their default rate rose to a staggering 9.33 percent from 6.96 percent just last month! This proves the valitility of the market and how fragile things really are. In a single month, 2 additional people out of 10 can no longer pay off their credit card bill. When people started to lose their jobs, I believe a large portion decided to continue to pay their credit cards bills while neglecting their house payments which led to an increase in home foreclosures. But, eventually, it becomes difficult to pay off your monthly expenses. All it takes is one unexpected bill; a broken arm, car registration and insurance, a parking/speeding ticket or two...and then you are behind your in your payments. Most of the time the interest credit cards charge jump with the first missed payment and it becomes very, very difficult to keep up.

The US public holds over a trillion dollars of credit card debt and much of it was securitized and sold like home mortgages. I think you will start hearing a lot more about credit card defaults. This will shock the markets, especially if in the meantime we convince everyone that the problems are behind us.

Did we really think this trend could last forever?

AIG Bonuses: It's only 170 million

I'm on the fence about this one. AIG is handing out 170 million dollars in bonuses this year. They claim they are mostly "retention bonuses" for employees they "need" to keep but it was revealed that at least some of the employees have already left the company and others are in the process of leaving. A little fishy...I think so.

The problem is that AIG has received taxpayer dollars to stay afloat...a LOT OF IT! If they weren't considered "too big to fail" they would be forced to file bankruptcy and there would be no bonuses.

The government is heading down a dangerous road if they start to demand the money back. They would be directly interfering with the way the company is run and i believe it would be a direct blow to free market capitalism. The money should be handled just like a loan. If the government doesn't think the company is viable without their direct control then they should let it fail.

This is the same argument i would make for executive salaries. It's not for the government to decide.

Obama remix

This isn't my favorite but oh well...

Background: The voice is actually Obama's. It comes from his audio book, "Dreams of My Father".

The DIA Beast

If you have been to DIA in the last couple years you have seen the giant blue mustang bucking on it's hind legs. It has these huge, glaring, red eyes that make it look like it's possessed by some demonic force. The fact that it's blue doesn't help either...If there's anything positive to be said, it's that it can act as a conversation starter on a long flight. The artist, Luis Jimenez was killed days before it was completed. If that's not a bad omen i don't know what is.

Call me crazy but this is the last image (both mentally and visually) i want to see before i step into a giant metal aircraft that shouldn't be able to take off in the first place.

So, Jimenez was paid $300,000 for the "Mustang." I'm having a hard time deciding whether that's a normal price for a sculpture this size. Part of me feels that Denver could have used the funds in a better way...say, maybe for public education?

Photo manipulation

Some great images manipulated by Erik Johansson. I particularly like the first image.

Smug Alert via the Prius

This is a great viral ad! First of all, i love Andy Richter; "He get's no respect!"

Here's to you Matt.

Postsecret

Does anybody else visit the postsecret blog? People send in anonymous postcards with secret or blatant meanings. There are no requirements at all. They range from highly emotional to comedic. People react to the postcards differently which is what makes them so interesting. It's updated every Sunday so it stays fresh and interesting. Here are some examples from this week. http://postsecret.blogspot.com/

I swear I didn't send this one but it is a great representation of how I feel (plus the bhuda guy cracks me up).

Here's one that's a little more intense. The anonymity of the website allows people's true feelings to come out and while i clearly don't agree with this persons sentiment I find it interesting and worthwhile to read it. It reaffirms the fact that racism is still around and that we can't assume that just because we have a black president the fight is over. Check out the website and let me know what you think...

PB&J

When I was young I hated Peanut Butter...

When I started High School I still hated Peanut Butter...

When I started college all the way to when I graduated, I hated Peanut Butter...

When I started my first real job to the time i got laid off...I HATED PEANUT BUTTER...

So why you ask did i decide to try it one last time? Who knows; but on the way to the super market today i decided to give it one last chance. This was it, my final attempt to like every child's favorite and easiest snack. It's been some weird ritual I've had for some time now. About once a year a PB&J sounds so incredible that I rush to the supermarket and buy a jar of Peanut Butter and some jelly/jam or preservatives. Every time over the last 25 years the result has been the same....disgust!

TODAY WAS DIFFERENT! I'm on board. Go figure...It's been a long time coming! I've heard that bananas is a great addition...any other thoughts?

Newspapers to the TV

The newspaper industry is hurting. Denver's oldest newspaper, the Rocky Mountain News was closed a couple weeks ago. It was approaching its 150th anniversary which is an impressive fact on it's own but when you put it in the context that it was publishing news before there was even a State of Colorado then it becomes mind blowing that it's gone. Denver is officially a one newspaper city which is almost shameful. It's not just Denver's newspapers that are hurting. The Chicago Tribune saw an 8 percent decline in weekly circulation over a 6 month period ending last September and is currently on a hiring freeze along with massive layoffs across all departments. The LA Times is so skinny it looks like one of the free papers you can grab outside your favorite coffee shop or liquor store. The internet changed everything for the paper companies and they should have seen it coming. It was the giant elephant in the room they chose to ignore for most of the '90s. At first most papers wanted to charge for online viewing but people have an aversion to paying for online content. There's some kind of expectation that things posted on the internet should be free. Blogs filled the void and while they aren't a substitute for newspapers they do have a permanent home on the web. The interesting thing is that newspapers have spent millions of dollars and countless hours trying to figure out a business model for the future. The world has turned digital. We are turning into a world of instantaneous gratification and hard papers will become an artifact of the past during my lifetime (and I'm OK with it - I'm ready for some e-paper).

I'm not here to propose a brilliant business model for the newpaper industry. To be honest, I don't think they will ever make the revenue and profits they enjoyed over the last half century. What i do want to think about is whether Cable television will be replaced by the internet or some sort of on demand viewing. HULU is a clear example that they're already thinking about it and if you haven't seen it, GO! it's amazing! A big barrier is the fact that it takes actual video equipment to create a quality television show but the equipment is getting cheaper and cheaper every week. I also think that people will be willing to pay for a TV show if it's good enough but it has to be a nominal amount. I'm not going to shell out 30 bucks for a season of Lost but I might pay 5 bucks. HBO should be used as an example for quality television people are willing to pay for. They continuously have a flagship show that exceeds peoples expectations and keeps you coming back. The Sopranos, The Wire, 6 Feet Under, Sex in the City, Flight of the Concords, Big Love, the wild west show..., Rome and others. This is all i could think of at the moment but it's a very impressive list. If you haven't watched The Wire from start to finish you are missing out.

In summary, I believe television as we know it is going to NEED to change with the times much like the newspapers are realizing. Those that don't will have the same fate as the Denver Post. There are already huge amounts of people that watch everything on their computers and as it becomes easier and the quality improves that number will increase. Soon enough, the internet will be seamlessly integrated into the television you buy at the store and cable companies will need to adopt. Let's hope, as i actually like television, that they figure out how to generate revenue through internet viewership.

Fuck it, we'll do it Live: Dance Remix

Awesome Shower? I think Not

I was excited to say the least. My legs were sore and I probably didn't smell the best after a long day of hard skiing. The shower was calling my name and I was happy to oblige. It's a large stand alone shower, granite tiling along with a sitting area. The shower head is overly sized with 100's of water spouts but there's one major problem. The massive, circular spout is directly in the middle of the shower ceiling. You would, well at least I thought this would be incredible. I figured water would cascade from the ceiling and drench my body. At the time I wasn't too concerned about using gallons upon gallons of water. I wanted the "perfect shower." Unfortunately what i got was a very confusing and unsatisfying experience. Within minutes I was craving, almost dreaming about how wonderful my windowless, small, dual shower/bathtub bathroom in Denver would be. You see, when the shower head is directly overhead there is no middle ground. You are either getting drenched or dry. There's no leaning your head back to wash out the shampoo. Instead, the water pours over your head and down onto your face, back, shoulders...everywhere. There's no controlling it. There's no way to stand, lathering the soap on your body while the water shoots onto your back keeping you warm and comfortable. Like i said, it's either all or nothing. And here's the kicker. How do you clean that "all" important area. You know the part I'm talking about. I'm referring to the undercarriage area (oh yes, i went there). THink about it...it take a little flexibility and a lot of ingenuity.

Inflation adjusted S&P 500

There has been a lot of talk about the markets hitting 12 year lows. We are in pretty uncharted territory here. If you haven't already seen it, watch John Stewart completely dismantle CNBC. Pay extra attention to the analysts predicting the worst was over time and time again.

http://www.businessinsider.com/jon-stewart-rips-on-cnbc-rick-santelli-2009-3

So, 12 year lows are bad. The last time the Dow was at 6,500 I was having my Bar Mitzvah and my voice was still cracking at the most inopportune times. But here's a better representation of why this is called the financial apocalypse, or as Mr. Buffet said today, "It's fallen off a cliff."

The graph comes from Crossing Wall Street http://www.crossingwallstreet.com/archives/2009/03/43_years_of_no.html. It does a great job simply showing where the market sits today. It shows the Dow at 1963 levels. Sounds a little worse than 12 year lows doesn't it!

Privatizing Social Security

There aren't many arguments to the contrary that our social security system is flawed....massively flawed. It's official name is the "Old Age, Survivors, and Disability Insurance" and is funded through payroll taxes. It's makes perfect sense right? Current tax payers pay for non-tax paying retiree's. The system works very well when population growth continues to raise and the average life expectancy stays relatively constast. Unfortunatley neither of these scenarios have held true. There was a little thing called the baby boom after WWII followed by a return to the original birth rate. Plus, it shouldn't be a surprise that people are living longer, much longer. Does this sound familiar? A friend of mine, Amir just made a great point that this isn't much different than a Ponzi scheme! It's a government sanctioned ponzi scheme. We all know how well those usually work out (see Bernie Madoff).

The social security program as we know it is unsustainable and WILL run out of money if nothing is done. Most believe it's around 2040 which seems like the distant, distant future but it's not, especially when you think of the size of the program and how many people rely on it as their sole income after retirement. Plus the governent has proven that it does NOTHING quickly (watch out, I'm going to continue to capitalize entire words to prove my points.) There have been many calls to privatize the program which would let individuals manage the money in the open market. For years i agreed with this idea. Why should anyone EXCEPT me manage MY money. I couldn't figure out why my tax dollars went to support some old person who is playing golf and enjoying life (probably drinking a martini because old people love martinis) while i'm working hard paying taxes. I have never fully trusted the plan. Why should I expect the next generation to pay for my retirement...what if they decide NOT to? Or better yet, what if they financially CAN'T! Then what...

So, the idea of privatization has always been appealing until recently. What if all of the money in the social security program was invested in the stock market. The losses would be staggering. Instead of the program running out of money in 30 years we would be forced to deal with it now.

It's a pretty scary thought.

Sun Valley Shop Owner

As you can tell I'm having a terrible time out here. The people are friendly and the dogs are friendlier (and everywhere). This was a friendly shop dog hanging out at a local ski shop. It's a mix between a Rhodesian Ridgeback and Mastiff. No surprise here that it was huge and loved trying to eat your shoes.

Great new Blog i'm following

I was introduced to a new blog the other day and am already addicted. It has some great insight into business and the economy but the writing is very straight forward and easy to understand. It's called "The Big Picture" and was created by Barry Ritholtz, a very well respected economic and business commentator. He is often quoted in the Wall Street Journal and also appears on CNBC's stellar lineup (that was a joke, watch the Daily Show clip on his blog). Here's an example of how straight forward his blog posting can be while also making an excellent point. The point here is that the financial world is coming to an end!

http://www.ritholtz.com/blog/

"Here’s a short list of only the highest quality, bluest of blue chip, penny stocks:

• AIG (39 cents)
• Citigroup (98 cents)
• E*Trade (66 cents)
• Fannie Mae (39 cents)
• Freddie (39 cents)
• Unisys (37 cents)

Given the trading volumes, you might think these were real firms or something!

Now, for the not-quite-penny stocks:

• Ford ($1.83)
• GM ($1.83)
• Las Vegas Sands ($1.97)
• MGM ($1.99)
• CIT ($2)
• Kodak ($2.50)
• Bank of America ($3.15)
• New York Times ($4.00)
• News Corp ($6.15)
• Xerox ($4.36)
• International Paper ($4.22)
• Alcoa ($5.55)
• GE ($6.75)
• Dow Chemical ($6.56)
• Wells Fargo ($7.95)
• Dell ($8.50)

It looks like American Express ($10.83) is one of the few double digit stocks . . ."

A Southern Bell

A Southern Bell:

Starts in Daddies House; Moves to a Sorority House; Then into a Husbands House.

End of story.

Let's just blame Obama

This graph from the Wall Street Journal shows that the markets have fallen since Obama's inauguration. It is the perfect ammunition for the conservative republicans to use against Obama. It's easy for them to claim that HE is responsible for the decline. But there is a huge difference between a correlation and a causation. More accurately said, correlation does not necessarily mean a causation. Here's a simple example found on Wikipedia, the most accurate and reliable website EVER!

"The more firemen fighting a fire, the bigger the fire is going to be.

Therefore firemen cause fire."

While this is a stupid example it does a good job demonstrating the point that just because two things occur in tandem it doesn't mean one caused the other to happen.

Yes, the economy has suffered since Obma's inauguration but did he cause the decline? This isn't a very easy question to answer and you will probably get very different answers depending on who you ask but one thing is certain; Republicans will think Obama is doing a terrible job (no matter what). Two things are certain:

1. Obama inherited a terrible economy.

2. He hasn't been able to fix it.

Semi-related Topic

I had a very interesting conversation with someone that works on Wall Street. He has unique insight into the financial apocalypse. Even though we are on vacation, i couldn't help but pick his brain a little. He points to the demise of Lehman Brothers as the single cataclysmic event. Sure, we have heard this before but why he felt this was such an important event was interesting. When Lehman failed the debt holders were wiped out completely. If you held Lehman brothers debt on Friday it was gone Monday. Keep in mind that on Friday Lehman was considered an "A" rated company and by Monday (really Sunday night) it was bankrupt. The problem wasn't in the fact that the government let Lehman fail it was the fact that months earlier the government decided to save Bear Stearns because it was considered "too big to fail," a phrase that is becoming way too common. People holding Bear Stearns debt were able to cash in.

To a certain extent, Wall Street runs on confidence and predictability and trends. When the government treats one company as too big to fail and lets another fail it becomes harder to predict what is a safe investment. Citigroup's debt is trading at 80 cents to the dollar. If the government had acted consistently when handling Bear and Lehman then individual investors would have a better idea whether they should take the risk and loan (or acquire) Citi's debt.

Bravarian Beer Study

Read the whole article...

Judicial System

A couple weeks ago I saw a statistic that said 1 in every hundred people in the U.S. is in our prison system. That's 1.8 million people currently behind bars. We have the largest prison population in the world. That's just a staggering statistic especially when you think about the number of people that are no longer serving time but once did (over 4 million people). When i read the statistic i tried to think about a good blog post but was having a hard time deciding what direction to take it.

I thought about taking an anti-drug enforcement stance in favor of drug rehabilitation. I find this an interesting topic but wasn't quite prepared to tackle the topic. Some basic thoughts are:

1. Prisons are filled with non-violent criminal, what is the the actual cost to house these prisoners - is rehab a better solution?
2. Will prison time actually prevent a relapse; violent or non violent?
3. Do prisons increase or decrease the potential for future criminal/violent actions?
4. Do prisons act as a training ground for criminals?

So, instead of taking on these very interesting concepts I decided to show a video and ask a couple questions. A 15 year old girl was arrested for driving without a license. The video shows excessive abuse by the officers taking care of her. I have read reports of abuse within the prison system but always assumed there were extenuating circumstances. There had to be something going on that the cameras didn't see to justify the actions, right? Well, this video dispels that assumption.

This is a 15 year old girl. There's nothing that could justify the abuse and punishment she receives from the guards. There's no way the guards could possibly feel threatened by her. If they did, working in a prison probably wasn't the best profession.

If this can happen in plain view of a camera, just imagine what is happening behind the watchful eye of the cameras. The majority of the prisoners deserves to be there. Many have commuted heinous crimes but that doesn't justify submitting them to abuse. It's so cliche but here it comes...Two wrongs don't make a right.

Prison is a terrible place on its own. The guards should be there to keep order not to abuse.