Trickle down justice
Today's Financial News - Posted January 26, 2009
The worlds of politics, big business and crime seem to get closer and closer with each closing bell on Wall Street. Federal Reserve officials do not pay taxes. Banks beg for cash with one hand and write huge bonus checks with the other. And so-called investing gurus walk off with billions in stolen loot. No wonder gun sales are up.
By Andrew Snyder, TodaysFinancialNews.com
Baltimore – (TFN): Whoever said crime does not pay? They must not have been a close watcher of Wall Street. If they did, they would know fleecing the little guy is one of the quickest roads to riches. At least, that is what some of the nation’s most powerful figures think.
Recently, it seems as though all ethical and moral obligations are off. Steal millions of dollars from shareholders or Uncle Sam and do not worry about the consequences. If you get caught, just say it was a “mistake” and move on.
You would think a company that was laying off workers by the thousands would not be able to afford a $1.2 million executive office, with lavish antiques, rugs, and ornate fixtures. After all, if it cannot afford a few extra salaries, the company certainly can’t justify that kind of extra scratch.
But that is not the case at Merrill Lynch. The company’s now-infamous former CEO, John Thain, ordered a $1.2 million office, hoping few folks would notice the lavish expenditure. But now that he has been ousted and the media is pounding him, he is trying to make it all better by saying it was a mistake. Of course, he will pay for the office out of his own pocket now that he got pinned.
It looks like Thain is more than qualified for a high-level position in Washington.
Which reminds me, expect to see Tim Geithner’s overwhelming approval early this week, even though he also made an expensive “mistake” when he ripped off Uncle Sam for some $34,000 in unpaid taxes.
When the soon-to-be IRS boss got caught, he quickly paid the taxes he owed… at least for the years audited. He made similar mistakes in 2001 and 2002, but since nobody formally asked for the cash, he will not be cutting a check anytime soon. Even worse, the IRS reports Geithner’s return was filled with other obvious errors.
If this guy cannot figure out how to pay his own taxes, maybe he should not be the guy whose signature is on the greenback. I would hate to see America make another “mistake.”
Now we just need Blagovich to admit to his mistake and Madoff to tell us stealing $50 billion in an elaborate Ponzi scheme was a dumb move and we should be able to keep just about all crooked politicians and Wall Street powerhouses out of the judicial system.
That way we will have room for all of the folks declaring bankruptcy or losing their homes because of Wall Street’s greed. It is the “trickle down” theory of justice. Keep the big crooks out of courtrooms and surely the little guys will benefit.
Next Article: Houses going for a dime a dozen
Be the first to leave a reply.
Your comments are welcome
Follow TFN via RSS or Twitter |
 |
 |
 |
Advertisement
Latest Headlines
- The Big Picture for Sinobiopharma, Inc. (SNBP)
- Beazer Homes USA, Inc. (BZH) and Hovnanian Enterprises, Inc. (HOV) up despite horrid housing news
- The FDA catalyst: 2010 moves in MannKind (MNKD), Roche Holding (RHHBY), Acorda Therapeutics (ACOR) show it still works!
- Steepest drop since Feb. 2009: Here we go again!
- Is the silver run over? Coeur d’Alene Mines (CDE), Silver Wheaton (SLW), Alto Group (ALTO), Hecla Mining (HL), Endeavour Silver (EXK) close down