|President Obama and his cabinet|
To reward incompetent finance company CEOs with billion-dollar bailouts, for example, is to punish the employees and shareholders of the prudently operated finance companies that compete with the firms receiving bailouts.
To refrain from investigating and/or indicting Jon Corzine for “disappearing” $1.6 billion of client funds is to punish both the 38,000 M.F. Global customers who are still missing the money they did not deserve to lose and the 1,000 employees who lost paychecks they did not deserve to lose.
To continuously intervene on behalf of politically connected incompetence and sociopathy is to invite the kinds of corruption, recklessness, cronyism and criminal negligence that ruins innocent lives and destroys entire economies.
The US is sprinting down this very path…as last week’s “surprising” $2 billion loss at J.P. Morgan Chase illustrates. Morgan’s egomaniacal CEO, Jamie Dimon, described the furor over the trading loss as a “tempest in a teapot.”….There’s a direct connection, Dear Reader, between the trading losses at JP Morgan and the conspicuous non-prosecution of Jon Corzine. In fact, there’s a term for this connection. It’s called “moral hazard.” ….… Dimon understands the rules of this rigged [bail-out] game very well. He knows he can conduct mega-billion-dollar speculations because he knows that JP Morgan could never bankrupt itself, no matter how recklessly it conducts its business. The US central planners would not allow it. Morgan could build bonfires with $100 bills in front of all its branches every night, and it still would not be able to burn through the federal government’s commitment to keeping it alive.
A regular on our annual Top Ten Corrupt list, Holder shamelessly operates the most blatantly politicized Department of Justice (DOJ) in a generation. And, with the Operation Fast and Furious scandal, it is no exaggeration that his agency has blood on its hands….On December 5, 2012, CBS News reported that 17 DOJ and ATF officials had been faulted in an Inspector General investigation of the Fast and Furious scandal. But, the man at the top remains unscathed, even after becoming the first attorney general in history to be cited for criminal contempt of Congress for refusing to divulge documents about DOJ lies to Congress about Fast and Furious.Every day that Eric Holder remains at the helm, the Department of Justice sinks further into the abyss of cronyism, corruption, and deceit. And it is well past time for him to go.
“The final decisions on Solyndra were mine,” said Secretary of Energy Steven Chu in his testimony before the House Energy and Commerce Oversight Committee on November 17, 2011. And this should be his political epitaph. Chu’s decision to pour $528 million tax dollars into a failing green energy boondoggle that went belly-up in 2011 is indefensible and corrupt, especially in light of the fact that Solyndra’s key investor (Tulsa billionaire George Kaiser) also happens to be a major Obama campaign donor….