I want to see somebody going to jail!
The Ceo should have too, at least. Heck,
The more the better, somebody should do some jailtime to show the rest of the cronnies we are sick of making them rich on our backs. When we make mistakes we feel the pain, that pain is a necessary fact of life for EVERYONE, EVEN THE BORN RICH ONES! Somebody buy those boys some soap on a rope!
… lacks critical elements of independence, transparency, and granularity,”
In this context, it means the quality of being composed of relatively large particles (details). In other words it lacked critical elements of independence, transparency and details.
Here is a perfect example of the folly of believing that federal involvement in the regulation of insurance-or any financial market-achieves anything of value.
AIG and Greenberg sure were not paragons of virtue, but does anyone really think that adding more layers of government intrusion solves anything?
Putting a couple token CEO’s in jail for a couple of years will solve nothing. Heck, I will volunteer to spend a few years in a Federal country club (you don’t really think they will be sent to a place like Levenworth do you?)as long as I have $20+ million waithing for me when I get out. Where do I sign up???
Let’s up the ante a little – if they are convicted and sent to jail, they should also forfiet all the Golden parachutes, multiple homes, yahts etc… along with the prison sentence. Let them take away from this mess the same you or I would take away if we lost our job due to incompentence – absolutely nothing!
I personally blame the Republicans. I also personally blame the Democrats. Both parties have clearly shown over the last 30 years that they are completely incapable of, or just unwilling to, represent the 60-70% of the citizens who are neither far right or far left. They are all loser’s, and I as a middle class taxpayer am fed up with all their bull***, not to mention being forced to once again pay for their mistakes.
I will not vote for any “incumbent” no matter what party they are affiliated with. They had their chance to make a meaningful difference in the lives of the middle class, and just flat out blew it. The message to be sent to the newly elected is simple – you have one shot. If you cannot work together to get something done you will be out of a job after 1 term – period. No exceptions! Since the Presidential race has no incumbent, the same message needs to be sent to whomever wins. (Like usual, we have a choice – between the lesser of two evils.)
We are now witnessing the greatest Houdini act since…. well, since Houdini!
Upon bailing out the mega-banks to the tune of $800 Billion ++, NO ONE will be held accountable! That’s right, no one will be held accountable, because the one’s who are RESPONSIBLE are holding the hearings and leading the investigation.
Agree w/all comments. We have a basic, critical, and I believe fatal problem in this country; lack of accountability at personal and public levels. Integrity, fairness, and hard work have been replaced by greed, poor judgement, short-term profit at any cost mentality. The stock market once offered small investors an opportunity to share in the legitimate growth of businesses. Now, we have a generation of entitlement to big salaries as long as they can manipulate the numbers. The master degrees from the big name schools failed us miserably but they won’t suffer at all.
Did you ever notice that everytime the market tanks, it’s because of “profit taking”. Not by the small investor, but by the big guys with inside information. The working schmuck takes it in the backside everytime. Where were the local and federal regulators who were supposed to have oversight of these companies that got out of control? When did the financial geniuses decide that people who were rotten credit risks should get loans anyway? That’s an insult to all the hard working people who EARNED GOOD CREDIT RATINGS. The problem is, nobody can do anything about it. America has become the laughing stock of the world. It’s politicians are clowns. It’s foreign policy is flawed. And now, it’s citizens have lost a large portion of their savings because of a few. I recommend you rent the movie “Wall Street” with Michael Douglas. It was dead on in exposing the corruption of Wall Street. Problem is, nobody took notice. Shame on us.
Amen, brother! When you cut through all the cover being laid down, this comes down to a complete and total lack of responsbility and integrity in our government.
They knew about the Fannie Mae and Freddie Mac problem for years and covered it up for political and self-serving reasons. For heaven’s sake, they knew about the AIG problem and did nothing about it. If AIG was informed about it by regulators in March, then Waxman and the boys had to have know as well. Do people really believe a word this guy says? It’s simple: if his lips are moving, he is lying.
This will be yet another example of an ignorant electorate buying into misinformation to our own demise. Unfortunately, we will simply sit back like a bunch of dolts while Washington usurps even more power. How can anyone in their right mind believe that these guys care about the middle class or anyone else for that matter?
I hate to say it, but we are getting EXACTLY what we deserve out of Washington….and we haven’t even inaugurated Obama yet.
In addition to Waxman, Franks, et.al…, why isn’t anyone concerned that some of the lead executives of Fannie Mae, Freddie Mac and Lehmen Brothers are now serving as campaign and election advisors to our Presidential front-runner Obama? This is not about McCain or Obama; this is about the idea of putting the foxes back in the henhouse to finish the “cover up” in which they played an active roll as Freddie, Fannie and Lehmen were taking a dive??! They should be in jail! Does anybody care, and if so; can anyone do anything about it?
Simple answer: Yes. We could choose to objectively and accurately assess the situation. Following this enlightening exercise, we could then take charge of our lives by holding the bums accountable and voting them out.
Real answer: No. There are simply far too many people without the necessary intelligence, objectivity and/or desire to really understand this mess, in particular, and the much bigger Washington mess, in general. Therefore, I simply do not think we have the ability and/or courage to take care of the problem.
I wish I could be optimistic, but the ship appears to be sinking fast.
I love the grandstanding now. “We told them they had problems in March”. March was long after they realized they had problems. They started writeoffs last year. Telling them in March is like telling someone their house is on fire after every one has escaped and the fire dept is on its way.
In this context, what is the definition of granularity? Would someone please explain?
I want to see somebody going to jail!
The Ceo should have too, at least. Heck,
The more the better, somebody should do some jailtime to show the rest of the cronnies we are sick of making them rich on our backs. When we make mistakes we feel the pain, that pain is a necessary fact of life for EVERYONE, EVEN THE BORN RICH ONES! Somebody buy those boys some soap on a rope!
I knew as soon as I saw the subject of your comment, I was sure to find “granularity” side.
Aren’t you familiar with the word? It was last year’s “buzzword bingo” winner!
… lacks critical elements of independence, transparency, and granularity,”
In this context, it means the quality of being composed of relatively large particles (details). In other words it lacked critical elements of independence, transparency and details.
Here is a perfect example of the folly of believing that federal involvement in the regulation of insurance-or any financial market-achieves anything of value.
AIG and Greenberg sure were not paragons of virtue, but does anyone really think that adding more layers of government intrusion solves anything?
Putting a couple token CEO’s in jail for a couple of years will solve nothing. Heck, I will volunteer to spend a few years in a Federal country club (you don’t really think they will be sent to a place like Levenworth do you?)as long as I have $20+ million waithing for me when I get out. Where do I sign up???
Let’s up the ante a little – if they are convicted and sent to jail, they should also forfiet all the Golden parachutes, multiple homes, yahts etc… along with the prison sentence. Let them take away from this mess the same you or I would take away if we lost our job due to incompentence – absolutely nothing!
I personally blame the Republicans. I also personally blame the Democrats. Both parties have clearly shown over the last 30 years that they are completely incapable of, or just unwilling to, represent the 60-70% of the citizens who are neither far right or far left. They are all loser’s, and I as a middle class taxpayer am fed up with all their bull***, not to mention being forced to once again pay for their mistakes.
I will not vote for any “incumbent” no matter what party they are affiliated with. They had their chance to make a meaningful difference in the lives of the middle class, and just flat out blew it. The message to be sent to the newly elected is simple – you have one shot. If you cannot work together to get something done you will be out of a job after 1 term – period. No exceptions! Since the Presidential race has no incumbent, the same message needs to be sent to whomever wins. (Like usual, we have a choice – between the lesser of two evils.)
I have flat out had it!
We are now witnessing the greatest Houdini act since…. well, since Houdini!
Upon bailing out the mega-banks to the tune of $800 Billion ++, NO ONE will be held accountable! That’s right, no one will be held accountable, because the one’s who are RESPONSIBLE are holding the hearings and leading the investigation.
Agree w/all comments. We have a basic, critical, and I believe fatal problem in this country; lack of accountability at personal and public levels. Integrity, fairness, and hard work have been replaced by greed, poor judgement, short-term profit at any cost mentality. The stock market once offered small investors an opportunity to share in the legitimate growth of businesses. Now, we have a generation of entitlement to big salaries as long as they can manipulate the numbers. The master degrees from the big name schools failed us miserably but they won’t suffer at all.
Did you ever notice that everytime the market tanks, it’s because of “profit taking”. Not by the small investor, but by the big guys with inside information. The working schmuck takes it in the backside everytime. Where were the local and federal regulators who were supposed to have oversight of these companies that got out of control? When did the financial geniuses decide that people who were rotten credit risks should get loans anyway? That’s an insult to all the hard working people who EARNED GOOD CREDIT RATINGS. The problem is, nobody can do anything about it. America has become the laughing stock of the world. It’s politicians are clowns. It’s foreign policy is flawed. And now, it’s citizens have lost a large portion of their savings because of a few. I recommend you rent the movie “Wall Street” with Michael Douglas. It was dead on in exposing the corruption of Wall Street. Problem is, nobody took notice. Shame on us.
Amen, brother! When you cut through all the cover being laid down, this comes down to a complete and total lack of responsbility and integrity in our government.
They knew about the Fannie Mae and Freddie Mac problem for years and covered it up for political and self-serving reasons. For heaven’s sake, they knew about the AIG problem and did nothing about it. If AIG was informed about it by regulators in March, then Waxman and the boys had to have know as well. Do people really believe a word this guy says? It’s simple: if his lips are moving, he is lying.
This will be yet another example of an ignorant electorate buying into misinformation to our own demise. Unfortunately, we will simply sit back like a bunch of dolts while Washington usurps even more power. How can anyone in their right mind believe that these guys care about the middle class or anyone else for that matter?
I hate to say it, but we are getting EXACTLY what we deserve out of Washington….and we haven’t even inaugurated Obama yet.
In addition to Waxman, Franks, et.al…, why isn’t anyone concerned that some of the lead executives of Fannie Mae, Freddie Mac and Lehmen Brothers are now serving as campaign and election advisors to our Presidential front-runner Obama? This is not about McCain or Obama; this is about the idea of putting the foxes back in the henhouse to finish the “cover up” in which they played an active roll as Freddie, Fannie and Lehmen were taking a dive??! They should be in jail! Does anybody care, and if so; can anyone do anything about it?
To whom are you referring, Bill?
I feel your pain, Bill.
Simple answer: Yes. We could choose to objectively and accurately assess the situation. Following this enlightening exercise, we could then take charge of our lives by holding the bums accountable and voting them out.
Real answer: No. There are simply far too many people without the necessary intelligence, objectivity and/or desire to really understand this mess, in particular, and the much bigger Washington mess, in general. Therefore, I simply do not think we have the ability and/or courage to take care of the problem.
I wish I could be optimistic, but the ship appears to be sinking fast.
I love the grandstanding now. “We told them they had problems in March”. March was long after they realized they had problems. They started writeoffs last year. Telling them in March is like telling someone their house is on fire after every one has escaped and the fire dept is on its way.
What we as citizens of this country need to define for legislators, Wall Street and the White House is the word “TRANSPARENCY”.