Re: AIG

On Sun, 22 Mar 2009 03:32:37 +0000, Nobody <nobody@xxxxxxxxxxx> wrote:

On Sat, 21 Mar 2009 12:51:07 -0700, JosephKK wrote:

Unfortunately, there doesn't seem to be any mechanism whereby the
government can protect the banks' customers without substantially letting
the guilty parties off the hook. Even if they could hold the banks'
management accountable for the losses, their (substantial) personal assets
would be a drop in the ocean by comparison.

How about jailing and pauperizing the bank / insurer / financial
management,

For what crime? AFAIK, incompetence isn't criminal, no matter the extent.

Incompetence is not a criminal issue, but fraud is. Somebody knew
that the picture was way to rosy to be real, and went for it anyway
for the bonus, that is a fraud.

The shareholder might be able to sue the senior management, but most of
the shareholders are probably other financial corporations, none of whom
would be in much of a position to cast the first stone.

All we need is one 5%'er to start the cascade, wait a minute that has
already happened.

followed by promoting from within to refill a minimal
amount of positions? The proceeds could be uset to help the balance
***.

Even if money could be recovered, it's likely to be a drop in the ocean
compared to the losses.

Even that poor drop helps, just the same:
Not the point at all, they pauperized many others, they get first hand
experience with the situation as a training exercize.

Really, this is all shutting the gate after the horse has bolted. It would
be nice to think that at least lessons will be learned for the future, but
I'm none too optimistic about that, either. The political system just
doesn't reward long-term thinking.

Nor does so many individual investors (both large and aggregates of
small [including retirement funds]) serious overexcitement with this
quarters income.
.
.

Loading