Should tax payers call for the heads of congressmen?
Please read this testimony, given by Stephen Pizzo on 13 September 1991...
http://www.newsforreal.com/written.html
or see a synopsis here...
http://www.salon.com/tech/htww/2008/04/04/the_next_black_monday/index.html
Do you agree that Congress should be held accountable for the mess the banking system is in? Mr. Pizzo's testimony is based on his analysis of the Savings & Loans crisis. He had this to say:
"As we autopsied dead savings and loans, we were absolutely amazed by the number of ways thrift rogues were able to circumvent, neuter, and defeat firewalls designed to safeguard the system against self-dealing and abuse. One of the favorite methods was to link up like-minded thrifts in the daisy chains through which they could circulate inflated assets and hide their rotten loans to each other and to each other's customers from regulators."
He said "Banks ... will do exactly the same thing" if they are deregulated. But Congress did not listen.
Answers
265 points
MaverickInvestor answered one year ago …
Yes they should - and no they won't!
One feature of the latest iteration of 'democracy' is an almost complete lack of accountability and sanction.
As a recent example, the CEO who ran Northern Rock, the UK bank that was saved from bankruptcy by being taking into public ownership - i.e. it was bailed out by taxpayers - is walking away with £750,000 severance pay, on top of last years salary of £760,000, on top of £2.5 million in his pension pot, on top of a 0% mortgage. The excuse is that the terms of his contract have to be adhered to. But who wrote the contract? His mates on the board, that's who, and they will do equally well out of the mess.
Parts of the system are rotten to the core. All we can do is play ethically within the system as it stands, and protect ourselves as best we can for when the meltdown comes.
