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The Hypocrisy of Washington’s Accountability

by Taft Babbitt on October 26, 2009

 

Executives at seven banks that either had to or were forced to take money from the TARP bailout will receive 50% pay cuts. While this may be appropriate, one cannot help but ask the question, what about all the other culprits? Congress (most specifically the Senate Finance Committee), Freddie Mac executives, Fannie Mae executives, the economic power team for Clinton and Bush of Greenspan, Ruben, Geithner, and Summers. Men who refused to allow government agencies to investigate the derivatives market. This is not unlike two partners in crime who get busted and one testifies on the other, allowing the one to take fall. Justice is not being served. The company executives certainly bear some of the blame. However, their primary objective is to make profits. It is the role of the government to protect the people and to do this through proper regulation of the markets and the businesses within those markets. The lions share of the blame rests on the regulators that turned a blind eye, and forced others to do the same. We need a new crop of politicians, we need term limits, we need fresh leaders that are not addicted to the heroin of reelection. There is no other answer.

Categories: Politics

Comments

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