Friday, August 10, 2012
Letters to the Editor: Aug. 8, 2012
Santa Cruz Weekly
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But a small group of vulture funds have been trying to divert that money into their own pocket. How Republican presidential nominee Mitt Romney’s former firm, Bain Capital, and others have used private equity to raise money to conduct corporate raids. "It’s just a scheme to take a cash-rich company and move all that cash to a few actors — typically it’s the executives of the target company and the executives in the private equity firm — and then you force everybody else to pay."
Wall Street scandals — including a decade-long Wall Street scandal that drained money from every county and state in the United States — and notes not a single bank executive has faced individual consequences. In Libor, it was 16 banks acting in concert to rig the international interest rates. What this one was was a number of the world’s biggest banks colluding to artificially suppress the amount of money that cities and towns earned on their municipal bond service.
The Libor, scandals trillions of dollars, and not a single person has had to have any individual consequence. So you talk about all those settlements. Those are all paid by the company and by the shareholders. Not a single person since 2008 has gone to—has been indicted, has gone to jail, has spent a day in jail, or has paid any kind of money out of his own pocket. And until there’s any individual consequence, it’s really a license to steal. If you can’t go to jail for rigging an $800 trillion market, what can you go to jail for? This is the result of a selfish, greed-driven society. They've hardened their hearts for so long and are so blinded by greed and hypocrisy that they don't even hear the pitiful pleas of these poor suffering ones.
Ted Rudow III, MA