Eric Harrington – Arrest Wall Street CEO’s for Criminal Negligence…
Do the Republicans even realize how ridiculous they sound as they posture and feign outrage over the firing of the GM CEO? The company was bankrupt. Reorganized. And in a Chapter 11 reorganization, the CEO is often fired. There is nothing unusual about that. It is in fact, appropriate.
So what about AIG? Why isn’t THEIR CEO being fired? Why not all the rest of the Wall Street pirates that take our bailout and then have the GALL to refuse to tell us how they spent it. They should be arrested, not just fired. I know the pat reply to this suggestion from the powers-that-be is “well they really didn’t actually do anything illegal.” But in fact the courts do have a charge for the Wall Street Gang. It’s called Criminal Negligence. When a person leaves a child in a car on a hot day, a child they are responsible for, they are considered to be criminally negligent. Doesn’t matter if their intentions were good, it’s still negligent on the order of CRIMINAL. It’s the crime reserved for negligent actions with grave consequences, (or even potentially grave consequences) that while not necessarily illegal or even intentional, are made illegal through the shear magnitude of their carelessness. Am I missing something here?
These Wall Street hustlers had a responsibility to not only their stock holders, but to the country as a whole to PROTECT their companies’ interests — given their enviable position as the veritable grease of the wheels of the economy– and they exhibited such exorbitant negligence or such incredibly poor judgment, that they not only crashed their companies, but the entire economy as well. If that’s NOT CRIMINAL NEGLIGENCE, I don’t know what is.
And while you’re at it, how about arresting the people asleep at the wheel, (or rather partying in the back seat) who were supposed to monitor these banks and the risk ratings of their securities? The ratings agencies are as complicit as the wheel man in a bank heist. They could easily have fraud added to the list of charges. Just ask that off-shore investor who bought a securitized load of mortgage excrement and now has to watch the crooks who sold it to them get bailed out. Where’s THEIR bailout?
We need to arrest every one of the CEO’s that took our money and make them prove in court they were not negligent. The same as Britney would have to, if she held her baby out of a 3rd story window to play a joke on a friend.
And finally (and this would give me the greatest pleasure of all) we come to the Bush Administration. Yes, the staggeringly corrupt bunch who lied us into the Iraq fiasco, also actively PREVENTED states from trying to stop the predatory lending practices that created the worst of the Housing Bubble’s steaming toxic asset pile, which like the rubble of the WTC towers will still be smoldering for months if not years after the economy has found it’s legs… And we’re not just talking negligence here: Team Bush intentionally prevented the states from stopping the drunken sailors of the mortgage industry from writing MORE bad mortgages. And that began back in 2005!!! Yes, it is painfully obvious that the Bush admin wanted this Bubble to go on, at least long enough to prevent a collapse on their watch.
The Housing Bubble conveniently prevented the rampant inflation that would normally accompany a trillion dollar war, painfully demonstrated during Viet Nam debaucle. The Bubble neatly covered the festering economic chancre and made it look like a harmless beauty mark.
Without consequences, they will simply do it again. We must make someone PAY for this corporate clusterfuck, and not just with the sale of the new Gulfstream… That’s like simply asking the bank robber to give back the Cadillac he bought with the loot. Oh No… A seizure of their bonuses and golden parachutes, potentially having been acquired through criminally negligent activity, would be the first step, and then as we would with any drunken driver who killed his passenger; prosecute the greedy bastards who were responsible to the absolute limit of the law.
It’s not just that we should do this. We must. Who cares if the stock market crashes for a day or two? There must be consequences. 100 years ago, we would not need to prosecute them. Proper society would make them suffer a fate worse than prison, namely complete and total banishment. They would forever be looked at as common hustlers, carpetbaggers, veritable highway men, and they would never work in a position of real responsibility again. But not today. Today, the public memory is short, and society’s teeth are capped in porcelain, and fixed in a grim smirk that makes W’s squinty smile look welcoming. No, these same crooks will just move around to new million dollar boardrooms, because they are in the CLUB, and the club watches out for its own… unless they have to eat them, of course… But we can change that. Obama has taken the first step, with the unprecedented, state-ordered firing of one of these (Titanic) captains of our industry. Now he has to take it all the way and let them know we will not let this happen again. Not without CONSEQUENCES.