Word: problems
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Dates: during 2000-2009
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...problem isn't really pay; it's competence. The CEOs didn't understand the fine print. These firms collapsed out of ignorance fueled by avarice - a particularly toxic combination. Under the circumstances, Feinberg is doing the best he can. But what he's doing is more symbolic than real (although symbolism does matter). Meanwhile, genuine reform of the financial system is bogging down. Wall Street wins again...
...Real Bailout Some bankers now have the attitude of, What's the problem? The crisis is over. Get out of our way and let us get back to business. This is especially true of those who don't owe the government any money. The conventional thinking is that the $700 billion of Troubled Asset Relief Program (TARP) money was the beginning and will be the end of the bailout. TARP lent $238 billion to more than 680 banks, according to SNL Financial, a research firm; 44 of these banks have repaid a total of $71 billion. Thus, there's less...
...Break up institutions that are too big to fail so that we can allow them to fail. I don't know exactly how to do this - does anyone? - but that's how we solve the problem of letting the small fry fail while saving the wounded whales. Perhaps, as many have urged lately, we can start by reviving elements of the Glass-Steagall Act that kept old-fashioned banks out of the far riskier investment business. And out of big trouble. As we've seen, most of the giant rescued institutions didn't understand their problems until...
...before anyone calls for a congressional investigation, let's remind ourselves that Afghanistan isn't Sweden. We had no problem dealing with Afghan Islamic fundamentalists, terrorists, drug dealers and thugs when the Carter and Reagan White Houses waged a proxy war against the Soviet Union in the '80s. The CIA and the White House turned a blind eye to our proxies' faults because the fundamentalists were the best fighters and happy to take down our Cold War enemy...
Read "Karzai's Problem Brother: Drugs, Spies and Controversy...