Quote:
Originally Posted by Jakerooni
This is not a political issue (even though it's becoming one) this is bad business 101. A couple years ago we tossed CEO's that did this in a dark cell (the ones that didn't die before sentecing) Now we're handing over billions to help them out. Blame those actually responsible.. Not the political agenda's of those trying to get elected.
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Nice call. Everytime I suggest that maybe today's CEO's aren't the captains of industry they used to be, I get accused of being a communist. Once upon a time it was the CEO's responsibility to make sure the company was doing the right things, and not buying bad paper, etc. Now what is their responsibility...to lobby for bailouts when they get caught being stupid?
And before you guys jump all over me about how these poor CEO's and companies didn't know they were bad mortgages...when a guy tries to sell you a $1000 TV out of the trunk of his car for $100, do you have a reasonable expectation that that TV is stolen? When your business is finance and somebody tries to sell you a bunch of mortgages cheap, it's your job to do a smell check.
EDIT: It's like a pro detailer here taking a swirled car but quoting a low price because the owner told him "they're just light swirls", and then blaming the customer for the detailer not being able to properly evaluate the job. It's the financial industry CEO's job to assess the risks they are taking and the investments they are making, just as the detailer must assess the car before he quotes the job.