The lack of accountability in the AIG fiasco is stunning.
Imagine giving out billions in tax dollars and not having any strings attached?
Imagine giving bonuses to people who crashed the system in the first place?
Thats rewarding failure.
Ordinary workers such as autoworkers are required to open their contracts and make concessions for the failure of their corporate masters, yes, yes........the very ones who arrived at the halls of Congress in private jets to beg for a handout, but no-one asks those very same masters to take cuts in pay much less to give up their bonuses.
For autoworkers its quite acceptable to abrogate their contracts, but its absolutely not acceptable to cancel the contracts of people who made disastrous decisions that led to a disastrous loss of market share.
Its absolutely unacceptable to even consider cancelling the contracts of people who made decisions that led to a disastrous global economic meltdown.
There is something very wrong with this set of values if one can call it values.
Wednesday, March 18, 2009
Wednesday, February 18, 2009
Tainted Regulatory Boards
Yet another scandal involving a financial institution. Yet more questions about what the regulatory body was doing, who they were governing or not.
The elephant in the room, the problem no-one is willing to talk about is the fact that these regulatory bodies have been tainted by cronyism, political appointees and yes-men, who owe their allegiance to themselves first and foremost and the ones who appointed them and not to investors, certainly not to ordinary citizens.
Indeed it can be fairly argued that the worlds financial crisis in which millions of ordinary people have lost everything is directly tied to the lack of proper oversight these regulatory bodies were supposed to have provided.
In institutions big and small this cancer has been spread. Yes-men cover-up malfeasance and indeed outright crimes, because they are more concerned with protecting their own un-earned privileges, than in enforcing the laws.
This cancer is rife throughout the body politic, indeed has spread to the most unlikely of institutions.
The abuse of trust has ranged from the $50 billions in the Bernie Madoff case, to a million dollar over-run in a small outfit. In both cases innocent investors/taxpayers were defrauded.
It is high time that these people be removed from their cushy positions, held accountable for their lack of oversight and removed from whatever office they hold.
The elephant in the room, the problem no-one is willing to talk about is the fact that these regulatory bodies have been tainted by cronyism, political appointees and yes-men, who owe their allegiance to themselves first and foremost and the ones who appointed them and not to investors, certainly not to ordinary citizens.
Indeed it can be fairly argued that the worlds financial crisis in which millions of ordinary people have lost everything is directly tied to the lack of proper oversight these regulatory bodies were supposed to have provided.
In institutions big and small this cancer has been spread. Yes-men cover-up malfeasance and indeed outright crimes, because they are more concerned with protecting their own un-earned privileges, than in enforcing the laws.
This cancer is rife throughout the body politic, indeed has spread to the most unlikely of institutions.
The abuse of trust has ranged from the $50 billions in the Bernie Madoff case, to a million dollar over-run in a small outfit. In both cases innocent investors/taxpayers were defrauded.
It is high time that these people be removed from their cushy positions, held accountable for their lack of oversight and removed from whatever office they hold.
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