Tuesday, April 20, 2010

Bankers' behavior

Dear Colleagues

As I watch the media feeding frenzy over the SEC charges against Goldman Sachs I am reminded that there are serious double standards in the way the law works.

I think I have this right.

If a landlord takes out an insurance policy on his building ... a really big insurance policy ... then burns the building down, and claims the insurance proceeds. It is my understanding that in these circumstances the landlord goes to jail.

This is more or less what the oligarchs of the financial sector have done ... bigger numbers, but essential the same style of economic misbehavior.

Is it too much to hope that they will also go to jail!

Peter Burgess

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