I'm hoping this topic dies down quickly so everyone can focus on the real issues, but there's no accounting for human emotion or my ability to predict the future. In any case, I've got some stories to share since the last update I posted. So on we go.
The reaction to the new tax bill is in, and none of it is surprising. Bankers are furious against the perceived witch hunt, which it is starting to resemble. Nell Minow is asking why no one is blaming the AIG board of directors, and rightly so. After all, why didn't anyone question the same bonuses handed out to Merrill Lynch executives last year? Or tried to recover it, since the language of the new bill excludes the bonuses handed out before 2009? The courts are unlikely to strike down that bill, given their traditional deference of tax issues to the legislature.
So where do we go from here? Forward I hope. This media circus needs to stop. Energies used in angry posturing and finger-pointing can be better used to reform the financial industry, and the whole world can only watch while the US is busy fanning the flames on the AIG effigy with public shaming and state investigations. The rhetoric is getting old now, I'd like to see some action. I doubt I'm alone in thinking that.
This blog has moved to http://www.callantham.org/
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