This is not how you run a business:
WaMu gave mortgage brokers handsome commissions for selling the riskiest loans, which carried higher fees, bolstering profits and ultimately the compensation of the bank’s executives.
The same seems to have been the case at Lehman Brothers and all the other institutions that we apparently MUST save from collapse due to their self-inflicted damage by forking over billions of dollars without any kind of checks or balances. Wreckless behavior that enriched the people who are still in the driver’s seat — Peter Welch, Barack Obama and all the other (D) wankers who forced the bailout package thru Congress earlier this year couldn’t even insist that a) the people who caused the damage be taken out of the equation, and b) that their bonuses for their behavior be voided, retroactively where possible. Nope, we were just supposed to hand over billions with no strings, and it would magically fix the economy and make it all better.
So, let’s see: on the one hand they got billions by cheating, on the other hand we now give them billions more because their cheating caused the economy to suck like a gaping chest wound. That’s some accountability and change we can believe in right there. Way to go. And now they have the audacity to bilk the tax payers for more so we can repeat the feat with Detroit? Who’s next? The airlines? Telecoms? Big Pharma? Actually, it’s perhaps not too far fetched to imagine a situation where we have to compensate the insurance industry for the losses they’ll incur if/when we fiinally get single payer health care implemented in this third world nation… Cigna and the others will send their army of lobbyists to the Hill to explain how much it’ll hurt them if we kill their golden goose, and in order to be seen as appropriately compassionate and bi-partisan everyone will agree that the tax payers simply pay the insurance industry for going away. What an awesome send off…