As said in an Associated Press article, it turns out the very people who got into this economic mess are the ones that Washington is hoping to help get out of it.
The AP's review reveals one of the ironies of the bank bailout: The same executives who were at the controls as the banking system nearly collapsed are the ones the government is counting on to help save it.
Let me get this straight...the very guys who caused it, are being put back in charge to fix it. I can't even fathom what else to say about this. So I'll have the source say it for me while I drool on myself and my eyes roll in the back of my head.
Wells Fargo & Co., for example, once was among the top lenders of subprime mortgages, or loans to buyers with low credit scores. The company received $25 billion in bailout money and plans layoffs in the coming months. But longtime CEO Richard Kovacevich remains the company's chairman, and the board recently waived its mandatory retirement age for him. John Stumpf, the president since 2005, became chief executive in 2007.
I'm still clueless on what to say next. The very idea of keeping someone in charge who has fucked up so dramatically is like reelecting a president who got us into a war and within a couple years spent any and all surplus....oh wait...on second thought let's keep that example for another time. I'm a firm believer of learning from mistakes; this doesn't seem like it's a learning experience though, this is just downright ignorance. Alas, one can only repeat and mull this over to his or herself so many times before he or she loses any and all bowel control.
full news article at :
http://news.yahoo.com/s/ap/20090127/ap_on_bi_ge/meltdown_executives
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