According to a report the American banking sector is in the hole for $3.5 Trillion. In other words, American banking system is bankrupt. Now, on to the really shocking part.
According to a report the American banking sector is in the hole for $3.5 Trillion. In other words, American banking system is bankrupt. Now, on to the really shocking part.
According to a study done by the Associated Press, 9 out of 10 executives, who were in charge in 2006, are still gainfully employed at these banks. Some, as you know, are buying $50M jets. Some others are parking their ass on $35,000 “commode with legs.
The implicit irony in a system that has commodes with legs and regulators without back-bones is not lost on some of us. Government, President Reagan famously uttered, is not the solution; it is the problem. Well put, Mr. President.
Unfortunately, this government circus is all too often repeated in “governance” everywhere. The problem is not “government” or “governance” it is this kind of governance – one that has all the bells and whistles and costs trillions but does absolutely nothing – ample proof in what went on for the last 8 years under Bush. But sometimes it does even more harm by doing something – exactly in contravention to what its charter says. Watch what the congress is going now as the nation’s plane corkscrews into the ocean.
To those of you who, as a matter of habit, want to drive past the glaring and straight to the inane, here is the story…
PS: John Thain may be clueless and arrogant, but he is not alone. He would’ve sat on that commode and wiped his ass with that $87,000 rug and thrown it into that $1400 trash can had he not been a target to deflect criticism off Bank of America’s other heroes. The shareholders of BoA and Americans who pay taxes still have a lot to worry!
