Scorpio´s last blog post..A Good Fix
]]>The concept is so simple, and is the basis of all good supervision: if you take the power and the perqs, you get the responsibility. It is a founding tenet of capitalism and the free market – you have to take the risk to get the reward. When there is no risk, there should be no reward.
The head of every major bank involved in this mess and all of their associates would have been expected to “do the right thing.” [I think the haiku is a little much, and the sword approach a bit messy, so a drug overdose would be acceptable.]
I get really ticked off reading people, including some Congresscritters defending what these people make. They destroyed lives and impoverished people who assumed they would be able to retire comfortably. Let them live like the people they conned.
Some talking head was saying that we can’t nationalize something like Citicorp because no one in government could understand anything as complicated as that entity.
News flash: the people in charge of Citicorp and their minions don’t understand their company. There are plenty of people in government who understand the situation perfectly. The FBI and attorneys general in all the states have fraud investigators who are quite good at getting to the bottom of all of the variations of the Ponzi scheme when they are allowed to do their jobs.
These banks were hiding their losses, overstating their assets, and abusing their reputations to do it. They belong in prison, not in charge.
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