People who read this blog often get the wrong impression. While it is true that I am against Communism in all forms I am for sound regulation of business.
The recent scandals in business point to the dire need for governmental review of business. Left unregulated some businessmen will act criminally. Their is something wrong with a system that treats a buffoon like Madoff differently than a bank robber.
Let white collar vermin sit right in with drug dealers in a harsh lock up. No more country club prisons for these parasites.
I also am too familiar with employees of public corporations using corporate cards for hookers, drugs and lavish lifestyles. This behavior should be criminal even in private companies with bank loans.
Those of you familiar with this blog know that I spent years in the fashion industry where I witnessed all types of malfeasance. These corporations were private companies
but were heavily leveraged by banks making this type of activity criminal. I actually went on a job interview where the owner of the company asked me if I would
object to picking up his cocaine. The entire chain of delivery from suppliers to distribution is rife with graft.
My ire was reserved for the owners who complain about labor costs and expense lavish lifestyles on the company. One former owner complained about greedy union labor seeking $1.50 an hour raises. This same corporate skank expensed hundred dollar massages, limos to go eight blocks, monthly trips unrelated to business and bottle after bottle of booze on the company. Predictably when the company failed it was the fault of the union labor. Predictably, the same banks lent the same dolt money to fail a second or third time.
Obama is correct about limiting compensation to companies that get Federal bailouts.
However, the time has come to place teeth into agencies regulating business. The days of benign neglect and pretending business can regulate itself need to end.