ANYONE with a brain and 20/20 vision beyond the next fiscal year could foresee the 'crisis' we seem to think is happening today. It was about as unpredictable as the next solar eclipse. I was asking seven years ago how long the increase in home prices could last and it went on a lot longer than I expected. Had someone like me been on the boards of these banks, they would have started tightening credit at least four years ago and making sure the loans approved were to people who could afford them. I expect they would have stayed out of investing in any bank or group which had a finger in the sub-prime market as well.
As it is, these yahoos didn't look beyond the next bonus or stock split and took down institutions that are responsible for a gigantic number of home loans. They certainly don't DESERVE a bonus for screwing up. I'm gratified to see SOME sense in how they're being let go. Normally, when someone is fired for incompetence, they're just shown the door with an admonishment to not let it hit their rear on the way out.
I can only hope some federal regulator says the same thing to these guys.
Fatesrider of CA @ Sep 15, 2008 19:28:17 PM
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