When will the buck stop?
Yesterday’s blog covered WFB firing Cheronda Guyton, and my hope that those running the show would be next in line. Today I’m celebrating. Five Bank of America Board Members have been subpoenaed.
The CEO’s boss is the Board of Directors. Their “fiduciary responsibility” is to “increase shareholder value” – which in plain English means “be successfully greedy”. In good times they are, and in bad times they muddle through the fallout of a greed-driven system.
The questions posed to these five people will be related to their acquisition of “troubled investment bank Merrill Lynch & Co.” Many players were involved, including our government. Will we find out what really happened?
Consider! The invisible gray suits pull the strings from behind closed doors, and they write their own minutes.
This much we know. “Merrill, with the knowledge of Bank of America executives” paid “$3.6 billion in bonuses shortly before the deal closed at the beginning of this year.”
I hope the investigation digs deeper. On Independence Day I blogged about my days at Countrywide, and its CEO, Angelo Mozilo, labeled #1 person to blame for the financial system’s meltdown by Time Magazine. I compared Countrywide Culture to the Mafia in a paper for my MBA.
What happened to Countrywide?
Acquired by Bank of America, of course.
Is anyone out there paying attention? How long will we let this game go on?
These gray suits essentially make the rules and print the money. They are among those who convinced America a “Free Market” was good for the economy. Translation? “We’ll make the rules, you’ll believe they’re fair”.
We don’t need free markets, we need transparent markets. You can’t get there from here. We need to change the way our world works.
This entry was posted by Wade Fransson
on Wednesday, September 16th, 2009 at 8:13 PM
Filed under Business, Economy.
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