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Check, balance and re-check!

September 20, 2008

What a frightening two weeks it’s been in America! The pile of “financial giant” rubble continues to grow. Here in the land of the free and the home of the brave, our government rides in to the rescue.

I don’t necessarily disagree with that approach because we need to salvage our financial infrastructure; however, it is tiresome that we pick up after corporations while American families struggle to make ends meet. Many fail, and getting ahead seems a thing of the past to most of us.

Case in point: Lehman Brothers. As far as I can tell this was/is a publicly held company. The Sarbanes-Oxley (SOX) laws apply, right?

Those are the laws put into place after Enron and its accounting firm, Arthur Andersen, stole millions from employees. Didn’t we learn then that many behemoth corporations and their leaders are not to be trusted? I believed, perhaps naively, that via the SOX act, federal government had done its job to protect Americans and America’s financial infrastructure.

Recent events seem to me to prove the point that we cannot legislate away every problem and potential problem as we are so wont to do in this country.  But once again as Congress and the President execute a plan to salvage Lehman Brothers, Fannie Mae and Freddie Mac, etc., this is my public plea to every U.S. senator and representative and to the President to put in place impermeable checks and balances that cannot be changed when selfish, greedy corporate leaders come up with new schemes and scams to fatten their collective wallets.

Our country, and its future generations, cannot afford to foot the bill for any more of these piggish scum concerned only with their own opulence. ABC News reported of one such executive who apparently feels entitled to sympathy from the rest of us because he had to give up his private jet.

Really? Gimme a break! We have millions in this country who would be grateful for a reliable car to get to and from a $25-30K job, and maybe an occasional vacation by commercial jet. Go to your room, Mr. Executive, and don’t come out until you fully appreciate the scope of your self-centeredness. Then start donating your excess to others in need.

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3 comments

  1. Your blog hit the nail on the head.

    The corporate greed that is going on now a days is unbelievable. CEOs are getting hundreds of millions of dollars per year. When they have to quit in disgrace they are still receiving severance packages worth millions.

    Meanwhile the average everyday citizen is struggling just to make ends meet.


  2. The gap is growing between the obscenely rich and the disappearing middle class.
    (As you said)



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