What were they thinking?

07/16/12 at 05:40 PM | Published Under Some Personal Thoughts

The news these days is depressing.  I cringe when I see a newspaper.

 The trustees of Penn State had former FBI director Louis Freeh investigate how the football coach and college administration turned blind eyes to a pedophile predator in their midst, and did it for many years.  All to protect the “good name” of the football program.  To hell with Sandusky’s victims.  The NCAA will undoubtedly do something–they sure as hell better–and killing the football program at Penn State for a few years certainly seems justified.  What were these people thinking?

The big British bank, Barclays, just fired its CEO and COO for their involvement in fixing the LIBOR rate, which determines the interest rate on Trillions of dollars of debt world-wide.  The chairman of the board resigned.  Parliament and US authorities are just getting started.  It is entirely possible this scandal could doom the bank.  What were these people thinking? 

Then there is the CEO of PFGBest, an Iowa commodity broker, who tried to commit suicide and botched it.  Only after stealing over $215 million over twenty years.  Too bad he couldn’t even kill himself.  This on top of the collapse of commodity broker MF Global Holdings, who somehow lost $1.6 billion of clients’ money.  What were these people thinking?

And how about the traders of JPMorgan Chase who managed to lose–are you ready for this?–$5.8 billion?  Doesn’t anyone check on these people?  Jamie Dimon is sweating in front of Congress.  Unfortunately the FDIC (that’s us, folks) insures the accounts in this bank.  Dimon should be fired.  

Ponzi schemers, thieves in suits, an attorney general who perjures himself in front of Congress…

What are we thinking, to tolerate all this?  Have you had enough?  I sure have!  But what am I going to do about it?  Darn if I know…