I apologize for taking space on a magic blog for this commentary, but it relates to what, I believe, is the major problem facing our country – corporate corruption. Every issue we have either pales in comparison or is caused by it.
As a former corporate animal, I saw it coming – the bad guys were taking over and accountability and fairness went totally out the window. Don’t for a minute think that lame attempts by our government, such as Sarbanes – Oxley, to legislate honesty has a prayer – it only creates paperwork and the appearance of honesty which the bad guys use as cover while they steal this country blind.
This whole subprime mess is no surprise. These guys stole billions and are leaving us with the rancid residue. They knew it was coming, but taking care of me me me was their only goal. Oh and you think they are being punished – the head of Merrill Lynch, which lost 5 billion or so, was given 340 million dollars to leave.
Today Morgan Stanley Announced a 9 Billion Dollar Loss. That’s BILLION – with a B. The CEO – filled with the holiday spirit – announced he would not take his annual bonus since this was his fault. What a fucking magnanimous gesture!!! This guy should be required to give everything he has, and I mean everything, to the poor slobs he stole it from. Unbelievable!
This stuff is happening every day and justified by phrases like business reason, just business, stockholder return on equity etc. These people don’t even have enough of a moral compass to know it is wrong. ….and if you think this doesn’t affect you, just try to sell your house for anything close to what it was worth a year ago.
I don’t know the answer, but I do know it better change. It has gotten progressively worse over the past 7 years as G2 played guns while Cheney and his corporate buddies continued to strip mine this country. Nice legacy George. The bastards kill more people before lunch than Bin Laden can even dream about.
Where’s our moral leadership – where???