"The problem here is a totalitarian uniformity, a cult-like mentality such that even allies are enemies if they fail to follow the Exact Party Line. " - Phyllis Chesler

Friday, September 19, 2008

Here's What Needs To Be Done With Wall Street

Using the principles of k.i.s.s.

Make it THE LAW that if a firm is about to file for bankruptcy the last three CEO's are required to bail out the firm with whatever cash and property they have. The government has the right to take their property immediately and sell it should they claim they have no money (because they hid it on some off shore account) AND

if the government still needs to add money to the pot to rescue said firm, that money comes with a guarentee that each employee at said firm who makes $100K or less is guarenteed NOT to lose their job until the monies are paid back.


Akshaya Kamalnath said...

Ya seriously...its ultimately the employees at the lower rungs who suffer for all the swindling of the top people.

Btw a UK law firm had come to our University to pick students and they were happy to announce that Lehman was one of their clients. The co-presenter added with a smile, "when they file for bancruptsy, we're in business."
It just struck me what a blood-sucking bunch of people we've all become.

Aleta said...

I like that principle - "Keep is simple, stupid."

It's disgusting that the CEO's take in the good life and when it bellies up ~ walks away millionaires. While everyone else is left to scramble around and figure out how to get their lives back in order.

Da Old Man said...

I like the accountability factor. Last 3 CEOs may be a bit extreme. Though I think that would bankrupt the current NJ Governor, so maybe it's not such a bad idea. :)
Definately they should be under suspicion, and the last 2 would have the most to lose.
Theoretically, though, one could have left the position and the company was doing well, but the newest CEOs were, if not incompetent, at least overly aggressive and caught up in making bad moves.

Lauren said...

Akshaya, wow that's interesting to learn. Thanks for letting us know.

Aleta, isn't it?

D.O.M., my reasoning was that many of the problems started under appointees from the Clinton years re:Fanny Mae. So going back 3 CEO seemed pretty on target. Probably will never be a completely fair balence but I think it would be prohibitive enough of law that would make the CEO's stop a lot of underhanded stuff ...I'd rather err on too much this way than what we are experiencing right now. OK that's all this tired mind can handle for a response tonight. :-)

Chat Blanc said...

I seriously wish this was law!