…To Make Them Pay
As US taxpayers prepare once again to pay through their noses for the folly of a few hundred greedy financial power brokers (public and private), our government is talking about taking even MORE of our money to clean up their mess. These people are getting away scott-free with with untold millions. I say we use every legal weapon in our arsenal to squeeze the ill-gotten gains from these deeply immoral human beings and put them back into the pockets of the US taxpayers. Ann Woolner, on Bloomberg.com, expresses these ideas beautifully. The Financial Express, an Indian financial publication, quotes her as well. A Hindu business publication, Business Line, expresses a similar sentiment.
It’s interesting to me that these sentiments are clearly showing up in financial publications from India. Perhaps they’re sufficiently removed from the financial cess-pool that has become the US financial system to speak objectively and not be intimidated by cronyism. The Economist, notably a UK publication and therefore likewise removed from potential cronyism, published a thought provoking article on the way bankers are currently paid and what can be done to prevent the head honchos from walking away with short-term gains without any repercussions from the future fallout of their decisions. The Financial Times, a highly regarded international publication, published a similar article by Raghuram Rajan (again, Indian – interesting) on how the way bankers currently earn their money is deeply flawed.
I found the articles that I refer to in this entry by doing a Google search to include the words “financial” and “crisis” in addition to the exact phrase “make them pay”. I find it absolutely fascinating that by far, the most probing, genuine opinions on this topic are from non-US publications. This makes Ann Woolner my hero. I say we get to work on this right away.