Let Death Rage Among the Barbarians (on Wall St)

How do you stop corruption and start with a clean slate ?

From the Nation Building Handbook:

“Think of a junta that runs a country into the ground, tortures and kills the opposition, rages war on its peoples and neighbors. The thing to do is to invade, execute about 10-20% of the juntistas, and hope the rest will be scared shitless. Only when that’s done, do you start the rebuilding of infrastructure and institutions.”

Apply that to Wall Street ! Don’t be bailing out firms that dont’ understand business. They don’t understand business or economics. Anyone can make money if they don’t have to worry about losing it. If you lose more than you make, you should go out of business. Don’t rescue them, punish them by letting them wipe out. I agree that the FannieMae/FreddieMac deal may be different because a future bail-out/government backing was implied all along. Fine. But then those who ran the firms into the ground should go to jail, instead of sailing into the sunset with fat severance checks. Come on. It’s time the rules that apply to my investments, applied to CEO incomes ! Let the invisible hand put on some gloves and break some necks !!!

PS: You’ve got to read this at Slate.com about how those behind Fannie/Freddie fudged the accounting to givem themselves better bonuses based on profit. Jailtime !!!

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: