While heart-wrenching photos and video footage of the utter devastation of Port-au-Prince trickled out from one of the world’s poorest countries, the fattest of the fat cats testified on Capitol Hill today. They appeared before a bipartisan commission established to examine the causes of the worst recession since the Great Depression.
Here is an exert from The New York Times report:
Tensions flared as commission members retraced the events leading to the near-collapse of the financial system in 2008 and pressed bankers on whether they or their employees had acted unethically.
Phil Angelides, a Democrat and a former California treasurer who is chairman of the commission, focused onLloyd C. Blankfein, chief executive of Goldman Sachs. At one point, after Mr. Blankfein likened aspects of the financial crisis to an “hurricane” and similar “acts of God,” Mr. Angelides cut in to say, “These were acts of men and women.”
Though the bank titans acknowledged that perhaps they got some things wrong, they won’t, of course, give back this year’s six or seven or eight figure bonuses.
If they want to take even some responsibility and improve their image, I have a great solution. Let them, and their smug lieutenants, give their bonuses in their entirety to rebuilding the horror that is now Haiti. OK. Can we agree on 10 percent maybe?
It will never happen, of course. These guys actually believe they deserve all that money, the rest of the world and country be damned.