Today Wachovia, the banking giant, reported the largest loss in banking history, $24 billion and said that it projected another $26 billion in 2009. Now we’re seeing financial institutions crumbling everyday. And the Feds are dropping nearly a trillion into the financial system. And Congress barely raised an eyebrow.
There are those who say we shouldn’t play the “blame game.” But I am wondering why most of the senior executives at these institutions remain in their positions. Seems to me the proverbial “Joe Dokes” would have been fired for this sort of misjudgement. Oh, in answer to the objection about who would replace those folks: With unemployment running as high as it is, one might assume that some of those unemployed might be available and qualified.
Who knows? Maybe some were even fired for having a more rational position on loans or investments that were made.
