Speaking of CEOs, here are two stories from Izvestia today:
Dozens of Cabbies Arrested in Fare Scheme. Steal a measly hundred thousand or so, and go to jail.
City Officials Arrested in Los Angeles Suburb. Misappropriate a few million, and go to jail.
But I look in vain -- and I did look -- for one more story:
Bankster CEOs arrested for multi-billion dollar accounting control fraud schemes.
Cabbies? Jail 'em. City officials? Jail 'em. But CEOs? Oddly, or not, the silence about elite looting is complete.
NOTE For those who came in late, that link -- a transcript of Bill Black on Moyers -- is utterly essential reading:
WILLIAM K. BLACK A criminogenic environment is a steal from pathology, a pathogenic environment, an environment that spreads disease. In this case, it's an environment that spreads fraud. And there are two key elements. One we talked about. If you don't regulate, you create a criminogenic environment because you can get away with the frauds. The second is compensation. And that has two elements. One is the executive compensation that people have talked about that creates the perverse incentives. But the second is for these professionals. And for the lower level employees, to give the bonuses. And it creates what we call a Gresham's dynamic. And that just means cheaters prosper. And when cheaters prosper, markets become perverse and they drive honesty out of the market.
WILLIAM K. BLACK No, and one of the most important things a president has is the bully pulpit. We have not heard speeches by the president demanding that the frauds go to prison. We have not heard speeches from the attorney general of the United States of America, Eric Holder. Indeed, we haven't heard anything. It's like Sherlock Holmes, the dog that didn't bark. And that's the dog that is supposed to be our guard dog. It must bark. And it must have teeth, not just bark.
Elite impunity in a criminogenic environment. That's what we're dealing with. I really do think it's important that the cab drivers set a better example for the MOTU. Don't you?