Where's The Rest?
As in, where is the restitution? As the government bails out the banks, brokerage firms, investment firms, AIG, and now the auto manufacturers, we hear more and more about the Madoffs of the world and the giant cash windfalls of the chief executives of Lehman, Merrill, etc.,. I am sick and tired of the government never demanding restitution to the public by these thieves after they were entrusted with innocent investors' life time savings. Why do they get to walk away with millions and keep those millions after essentially robbing the bank? The government regulators may think it is small potatoes in relation to the amount of the losses and the national deficit, but there are a lot of private charities that could do a great deal of good at this time of year if they received those bonuses and severance packages. And why do we feel such a moral obligation to honor employment contracts when these executives did not honor their fiduciary obligations to their investors? I think the government should freeze their assets and take control of their family Trusts (created to avoid judgments or restitution), Fraudulent transfers, and any monies received from salary, bonuses or stock options to them or their family members. I then think all monies should be ordered paid directly to various charities. The capitalists have always hated welfare and what they consider give away programs to the old and indigent, so this will help the government cut down on welfare benefits to the poor. Forty million dollars, for instance, for the salvation army can go a long way, or think what this could do for those Katrina victims who are still without housing? This is not small change to all of the needy charities across the U.S. The rich should not get richer while they leave the U.S. government to bail out what's left of the companies they shattered and the investors with $0. Why has it not cost those who knowingly made these wreckless investment decisions anything personally? It is not just business, it is people's lives. It is personal. Those executives should not be immune from restitution because of Limited Liability Incorporation creating false personal protection along with absolutely no accountability to their investors. I think it is time that those who are decision makers on Boards of banks or executives of investment companies should have some personal liability in order to temper their greed and risk taking with others' monies. How many embezzlers get to keep the money they pilfered? Just because there has been no criminal prosecution of these people, does not mean that they are not exactly the same as bank robbers who get to keep the loot. Perhaps the greed might stop if there were a chance that the looters might not get to keep the stash they walked away with!
Comments
Post a Comment