Make bankers are accountable for the mess! They got rich HIDING RISK and put INNOCENT people in this mess. Join the "two horsemen" (Nouriel and Nassim) in extracting justice for the small guy.
At Davos 2009, one of the 2 horsemen was quoted as saying that people like Robert Rubin, who received over $100 million serving as chairman of New York-based Citigroup Inc.'s executive committee, need to be punished for their failure to understand the risks their institutions were taking. He said that unless Rubin and others like him are made to mandatorily return their bonuses or are given some other punishment, the system that regrettably emerges is one "in which it’s the worst of capitalism and socialism, a situation in which profits were privatized and losses were socialized. We taxpayers have the worst. This will stand as the biggest government-sponsored scam in history".
Bankers are way ahead; they MISPREPRESENTED their risks; the small guy is paying the price.
We cannot live in a society without accountability.
Note: Obama is "reducing" future bonuses after the recent scandal (they used the bailout money to pay themselves). This is outrageously insufficient. We need PAST bonuses to be returned to society --so we stop the cycle of moral hazard.
[Note: there are laws that make IRRESPONSIBLE persons in corporations liable for their sins against the public.]
[Note: the only country that clawed back bonuses so far is Switzerland, though by social pressure --the mechanism is certainly easy to implement].
At Davos 2009, one of the 2 horsemen was quoted as saying that people like Robert Rubin, who received over $100 million serving as chairman of New York-based Citigroup Inc.'s executive committee, need to be punished for their failure to understand the risks their institutions were taking. He said that unless Rubin and others like him are made to mandatorily return their bonuses or are given some other punishment, the system that regrettably emerges is one "in which it’s the worst of capitalism and socialism, a situation in which profits were privatized and losses were socialized. We taxpayers have the worst. This will stand as the biggest government-sponsored scam in history".
Bankers are way ahead; they MISPREPRESENTED their risks; the small guy is paying the price.
We cannot live in a society without accountability.
Note: Obama is "reducing" future bonuses after the recent scandal (they used the bailout money to pay themselves). This is outrageously insufficient. We need PAST bonuses to be returned to society --so we stop the cycle of moral hazard.
[Note: there are laws that make IRRESPONSIBLE persons in corporations liable for their sins against the public.]
[Note: the only country that clawed back bonuses so far is Switzerland, though by social pressure --the mechanism is certainly easy to implement].
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