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Blogs by Bill Flynn
The Government/ Financial Complex
10/14/2008 8:36:11 AM
It was President Eisenhower who warned the country about a growing MILITARY INDUSTRIAL COMPLEX back in the 1950's and controls were placed so that it wouldn't run amuck.
Now,THE GOVERNMENT/FINANCIAL COMPLEX is here It's flourishing and running amuck. We have a Treasury Secretary from Goldman Sachs...We have a Conneticut Senator who received a preferencial loan. We have lobyists from Wall Street hanging out in the congress of the United States pedaling their influence with their $$$ going to our trusted official's campaign funds. We have directors of presidential campaigns being former Washington lobyists...some from Wall Street.
Financial intitutions may continue to take risks beyond the reasonable knowing that the GOVERNMENT COMPLEX will bail out or rescue the FINANCIAL COMPLEX. How about 750 billion? The reason the financial groups took on sub-prime mortgages was NOT to help the poor it was to risk the reward of mortgage quantity above mortgage quality. It didn't work, but the risk was still rewarded by the GOVERNMENT COMPLEX.
The sickness prevails in the FINANCIAL COMPLEX where compensation runs amuck. The board of directors for the likes of Lehman Brothers & others make decisions on compensation. They are driven to award mega buck incentives to executives knowing that when these same directors (who are CEO's & FCO's from other financial institutions)are in line for the same perks they'll be compensated in kind by the board of directors made up of the ones they took care of. Severance to one executive who was fired amounted to 16 million dollars because the compensation commitee had agreed to his contract stipulating the same severance package.
Our good capitalist system is running amuck. Will it be corrected by controls & regulations set forth to the FINANCIAL COMPLEX by the GOVERNMENT COMPLEX? Will the new Treasury Secretary come from academia instead of Goldman Sachs or other Wall Street firms? The answers my friends are blowing on the wind.
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