4 ms·

The fact that no one went to jail or even got fired for total malfeasance suggests that both regulation and internal oversight are grossly inadequate. Face it,

The fact that no one went to jail or even got fired for total malfeasance suggests that both regulation and internal oversight are grossly inadequate. Face it, the tag team of government + corporation is going to keep robbing us, until we do something about it (move money out of US, work in shadow market, vote out incumbants, etc)

anamax 17y ago
> The fact that no one went to jail or even got fired for total malfeasance suggests that both regulation and internal oversight are grossly inadequate. Which folks in the SEC do you want to jail? (They're the ones who granted the bond ratings monopoly.) Which bank regulators do you want to jail? (They're the folks who "encouraged" fannie and freddie stock ownership. They also "encouraged" "safe securitization" via insurance.) Which of the Fannie and Freddie execs do you want to jail? (They lied about the contents of their portfolios. Many of these folks are now in the Obama administration. One of them, Gorelick, is currently writing privacy policy....) Which congress critters who protected Fannie and Freddie do you want to jail? (This group is almost all dems.)
rms 17y ago
You are right that the government and corporations are going to keep robbing us, but there isn't much we can do about it. Look at the recent case of multi-time convicted Pfizer: the laws mandated a corporate death penalty, but a 4th level shell company was penalized anyways, with explicit acknowledgment by the government of the facts of the matter. http://www.cnn.com/2010/HEALTH/04/02/pfizer.bextra/index.html?hpt=Sbin http://www.cnn.com/2010/HEALTH/04/02/pfizer.bextra/index.htm... If we can't hold Pfizer accountable for it's crimes, which have actually directly resulted in the deaths of many people both in a direct and statistical sense, there is no way we can hold the government and Wall Street executives accountable. Unfortunately, we do not have a superior political system. I think at this point that corporations and their inseparable ties with government are going to be here until the Singularity.

anamax 17y ago

> The fact that no one went to jail or even got fired for total malfeasance suggests that both regulation and internal oversight are grossly inadequate. Which folks in the SEC do you want to jail? (They're the ones who granted the bond ratings monopoly.) Which bank regulators do you want to jail? (They're the folks who "encouraged" fannie and freddie stock ownership. They also "encouraged" "safe securitization" via insurance.) Which of the Fannie and Freddie execs do you want to jail? (They lied about the contents of their portfolios. Many of these folks are now in the Obama administration. One of them, Gorelick, is currently writing privacy policy....) Which congress critters who protected Fannie and Freddie do you want to jail? (This group is almost all dems.)

rms 17y ago

You are right that the government and corporations are going to keep robbing us, but there isn't much we can do about it. Look at the recent case of multi-time convicted Pfizer: the laws mandated a corporate death penalty, but a 4th level shell company was penalized anyways, with explicit acknowledgment by the government of the facts of the matter. http://www.cnn.com/2010/HEALTH/04/02/pfizer.bextra/index.html?hpt=Sbin http://www.cnn.com/2010/HEALTH/04/02/pfizer.bextra/index.htm... If we can't hold Pfizer accountable for it's crimes, which have actually directly resulted in the deaths of many people both in a direct and statistical sense, there is no way we can hold the government and Wall Street executives accountable. Unfortunately, we do not have a superior political system. I think at this point that corporations and their inseparable ties with government are going to be here until the Singularity.