Wednesday, January 28, 2009

Wall Streeters in Jail? Why Not?

In today's New York Times Maureen Dowd asks why aren't people like former Merril Lynch CEO John Thain is not in jail? He used government bailout money to pay bonuses to failures and he also used our money to spend millions on a new office.

While I support President Obama and want him to succeed I would like a little more anger and a little more indignation. Literally millions of Americans are losing everything because of what these Wall Street hucksters did to our economy. University endowments and charities are closing because of their lies and deceptions. Companies are not spending money out of fear of what is to come.

Yet no one has demanded that the cheats who caused this on Wall Street come before the American people and make it right. Why is it that the Auto execs can be chastised but the presidents of these Banks are not sought to account for their miss use of the market? When Franklin Roosevelt railed in is first inauguration against the malifactors or great weath these were the folks he was talking about.

As a person who has worked in business since college I have watched what has happened close up. CEO's and senior executives consume all the revenue and leave only crumbs for their employees. Money people destroy good businesses because they want more return. In the end we are all poorer and weaker.

It is time to say enough.

People like Mr Thain need to be put in jail. Bernard Madoff should be awaiting trial in the New York County Jail not his penthouse- and the government should looking for money to make this right where it is in the Hamptons mansions of the Wall Street thieves. Their money was not earned- it was stolen and it is time for Americans to get justice.

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