Thursday, March 05, 2009

Greed, a nice Anglosaxon word, made famous during the last few years of unrestricted and uncontrolled capitalism. While Bush cut taxes to make the wealthy even wealthier Tony Blair went around lecturing the stupid Europeans about the superiority of the market over controlled economies. Millions were passe when billions were made daily. Opec allowed oil prices to reach $ 147 and talked about $ 200. Citadels built on sand had to collapse and they did. Failure of giants of the financial sector is now part of household conversation but the scum who brought about the collapse are still trying to grab as much loot as they can while taxpayers money goes down a bottomless hole and ordinary people lose their jobs and houses. Sir Fred Goodwin the man responsible for the collapse of RBS bank has retired at the age of 50 with a pension of 703,000 pounds per yearand angrily refuses any reduction. Northern Trust which received $ 1.6 billion of TARP money used part of it for a junket in Los Angeles watching a performance by Sheryl Crow and dining at a fancy restaurant. Senior staff at Merril Lynch awarded themselves millions in bonuses while CEO Thorn bought a carpet for over $ 80,000 just before being rescued by Bank of America. CEOs of the three auto makers went to beg for tax payer dollars inWashington in their luxury jets. The lack of any shame and honor is shocking. Time for tax payer and employees corporations to give power to the people to control capitalism which, unfortunately, is still the only system that works.

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