FACES OF WRONGDOERS TO THE WORLD

As events unfold and day by day we find that the extent of the financial Crisis
extends around the world, again questions are demanded fromthose who should have
straight answers, among those a Mr. Fuld, top Executive officer of Lehman Bros. being
subject of questioning by Congress. As I read from The New York Times, today:

At one point on Monday, Mr. Fuld was confronted with an internal memo dated June 8 that included warnings about Lehman’s condition and asked the question, “Why did we allow ourselves to be so exposed?”
Mr. Fuld, after a long scan of the memo, said, “This document does not look familiar to me.”
With November’s elections just a month away, Democrats said their constituents were most upset at what they viewed as exorbitant severance packages that Wall Street executives received, even as companies like Lehman Brothers were staring down bankruptcy.
people in my block in Baltimore, if they perform poorly, they get fired,” said Representative Elijah E. Cummings, Democrat of Maryland. “They certainly don’t get a bonus.”
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A few days back I posted a blog, excerpt of which is as follows:
.... the greed of a bunch of men in executive positions in the realm of finance and banking.

It will be conceded that in the performance of the task of these men it is legal to obtain profits as in any other work activity, but to obtain profits that go beyond a point where such are reasonable and become simply a process by which the speculation - or excess greed, to increase such profits produce the chaos that is now being faced. by the world, it is not acceptable and should be comdemned.

Speculation thus is an intrinsec part of the profession but when we arrive at what now is centering the eyes of the world, questions are raised and with that, the natural espectation to have answers is demanded.

As aa lay person, like perhaps millions, I ¨m not knowledgeable of the processes under question. I´m just a person who lives off my work income to sustain myself and my family.

What a citizen can do is only ask quesitions and demand answers.....wheher there ae limits to the excesses in the commisiom of their labors and whether there is an early detection system in force to avoid a melt down. Further, he wants to know whether a "white collar" crimen - which in his view is what it is - that causes more damage and suffering than the "blue collar" ones, to more people , without mentiioning the discredit of a system that we seek to promote arouind the world as the one that provides peoples with he most advantages and benefits.

Isn´t it even a worse crime than other crimes in the sense that to the extent that we fight corruption and discrimination aroundthe world we find that the enemy - the real enemy is perhaps not beyond our borders but INSIDE our house?
Is beyond me to accept and understand that in the name of free enterprse practces - product only freedom of enterprise and democracy - that these practices are taking place and being shielded by the pretention of adhering to the fair game of offer and demand.

Free trade and free enterprise that prosper at such expense is enough to discredit the democratic system and its liberties. It would suffice to uncover such malpractices to totally deny the advantages and benefit thereof and to demand imeediate correction or set it aside as unreliable and corrupt.

If there is consencus in signling war crimes and sending their violators to Criminal War Trials for crimes to the Humanity, what type of punishment should be accorded to those who betray public trust and enrich themselves at their expense?
The essense of Liberty and Freedom - in my book - hold responsibility as their only acceptable natural and moral limit.

Never before in the history of the USA the election of a President has been more
trascendent than at this time. when the requite of a steady, forceful hand and vision of the future is needed, more than needed, demanded.

Labels: white collar crime is crime just as well

posted by victor @ Tuesday, October 07, 2008