Jim Collier (11/16, Letters) tells us that no corporation comes close to the accounting fraud practiced by the federal government. Enron, World Com and Tyco come immediately to mind. Recently, Pfizer made a $2 billion fraud settlement with the Justice Department.
Remember way back in 2008 when the “too big to fail” banks brought us economic disaster with their financial shenanigans? Had it not been for the government, we would now be in the second Great Depression.
It doesn’t appear to me that putting all our faith in corporations is the answer to our ethically challenged culture.
Catherine Bowser
Overland Park
Warren Buffett's people couldn't figure out the "derivitive market". He called them "economic weapons of mass distruction".
Many of these were sold in "black box" arrangements where no one was told what all was in the derivitive purchase but "knew" they would make money on them. And the people in charge DID make a ton of money on them.
Now the rest of us are stuck with the bill for their mistakes. Now the same people suck up a bunch of public money and take a big cut of that off the top. And these are the folks who should be left alone and "unfettered"?
Doesn't (or shouldn't) this fall under the category of "Fool me once..."?
Posted by: jack | November 20, 2009 at 04:31 PM
Catherine,Tell us how you know you know we would have been in the "second great depression" without the Goverment?
What nothing clever to say? That is right because all you could say is the the GOV. told you that. BTW CB, that was "W" that did that "saving" as dumb as it was.
I suppose you subscribe to the "saving jobs" numbers being thrown around also :>))
Posted by: Zeno | November 19, 2009 at 10:54 AM
bigot
Posted by: hajkar | November 19, 2009 at 09:06 AM
Actually Ms. Bowser, you are drinking the Kool-Aid. It was a combined efforts of greed in general. The large majority of people that fell "victim" knew exactly what they were buying, doing, etc.
Just as Barney Frank said in regards to the risk that was brought to his attention (Fannie/Freddie), "we need to woll the diceth". I base my "faith" on proven track records, the government is "F" paper.
Posted by: NoMoreMrNiceGuy | November 19, 2009 at 08:59 AM
Funny I remember Worldcom and Enron execs. went to prison for their deception! Maybe this big brother lover (Facists)can explain why politicians are excempt from the type of deception?
Posted by: Greghand | November 19, 2009 at 12:31 AM