Quote:
Originally Posted by nevermind65
No. The reason this happened is somebody came up with a great "get rich quick" ponzi scheme and milked the marked. Everybody knew what was going on, so why didn't these businesses just stop doing it? Because there are a few at the top that wanted to get rich, and now at the taxpayers expense, they are getting their dream. They ran their respective companies into the ground, then waited for the taxpayers to bail them out.
It is called capitalism and maybe we need a good depression to get rid of a lot of worthless businesses. BTW...read the article where the top 8 big shots at Lehmans got cushy multi-million dollar contracts? Nice huh?
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Alot of good points, but I believe the underlying cause are the current laws/regulations in place that allow companies, CEO's, executives to get away with millions when the failure of their company cost's the general public mega-money.
It's the legislators (lawyers) that have created the current legal envrioment that has allowed businessmen to hide behind LLC's, Corp.s, etc, such that the artificial inflation of real estate, as well as stock prices, ultimately leads to a collapse and tax payer bail out, as well as let the businessmen exit with millions/billions of dollars.
It cracks me up people talking about more legislation/regulations are needed, when it is the current legislation/regulations that has allowed this situation in the beginning. But, I guess, that's the easiest solution to apply more layers of BS regulations to bandaid the underlying problem.
If the culprits are appropriately punished for gross mismanagement, i.e. all their private assets confiscated and then sold/redistributed, then there would not be too many CEO's/businessmen doing bad things, risking their own wealth/assets.
The current legal enviroment allows this type of thing, and will continue to do so unless drastic changes in the system occur, which we know never will happen.
If this was done in China, I bet some people would have been executed, or at least commited suicide.
Obviously, we all know that anybody can sue anybody for any reason. The problem is that there is no simple recourse for the victim to recover their expenses for their defense, costing them thousands/millions of dollars when they were not in the wrong. Obviously, the lawyers make out all the time, and encourage this practice as well.
What a phucked up system.
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