Monday, September 22, 2008

On Bailouts and Accountability

One of my biggest issues is accountability. I feel that one of the reasons that things have gotten as screwed up as they have is that we tend to not hold our leadership accountable. In simple terms, when a worker screws up he gets punished, often fired; All to often we see that when an executive screws up, he gets rewarded.

STAFF at Lehman’s New York office who helped to cause the world’s biggest corporate bankruptcy are to share in a $2.5 billion bonanza.

This is in no way uncommon where even the worst of executives gets millions in goodies as they are being pushed out the door.

This doesn't include the million and millions of dollars they earned in options and bonuses based on stock performance, a performance that was often gained by ignoring the long term to gain a few more points by the end of the quarter.

This system of limited to no accountability for those at the top who screwed up the most is about to be taken to new levels.

The US Taxpayer is being asked to give 1 person $700,000,000.00 dollars to make things better and as things appear right now, he can then do what ever he feels like doing with the cash, no questions asked.

The Treasury Secretary is authorized to give out money to anybody for any reason as long as he states that it is "mortgage-related".

it gets better, we get back to no accountability.

And there is no proposal to take over management and/or ownership of the institutions holding these toxic mortgages in exchange for taking the bad loans off their books, which is the only way to keep them from writing more toxic mortgages. Instead, it's just money thrown at the same bastards who got us into this situation in the first place.

As constructed This bailout is not so much a bailout, but a giveaway to both wall street and oversees banks

As to accountability, well for for those who created this mess, I don't see any. The only ones to pay will be the American taxpayer.

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