McCain Needs to Seize the Moment
By Jim Erwin | 10/05/08 | 08:16 PM EDT | 0 Comments
Now that approval of the Trillion dollar give-a-way that won't accomplish anything is accomplished, it's time for Senator John McCain to seize the moment and demand accountability.
McCain, the Republican nominee for President needs to capitalize on the Wall Street debacle by laying out a plan, that if he's elected, would make crystal clear what should be done to hold those responsible accountable for their actions. McCain needs to talk tough and commit to deliver the goods.
I call on McCain to make it clear that both civil and criminal penalties will be sought by the Justice Department. People that perpetrated this historic fraud on the american people, need to go to jail and give up all their money. That's right, not just fines, but forfeiture of ill-gotten gains. It simply isn't enough to pledge to fix the system and not let it happen again. The executives knew exactly what they were doing. If Wall Street thinks the american people are going to buy the story of an army of rogue mortgage brokers conspired with borrowers and they knew nothing, they can forget it.
All of the lies and deceit from corporate executives and possibly some government officials is inexcusable. Phony public assurances of stability, bonds defaulting while triple-A, violations of the Sarbanes-Oxley Act, fraud, etc. You can't go out and make public pronouncements that a company is in good shape and then have then fail the next day. In some cases evidence is already surfacing that government officials were well aware that certain companies were in trouble and still insisted it was not the case, while they were at the same time preparing to seize that very entity. Investors even bought stock in these companies based upon the fake information. It's absolutley amazing to say the least. But, you'll hear such explanations like "We lied to the publice in order to maintain confidence", "We lied to prevent a run on the bank", or "We lied because we had no idea".
McCain needs to also put the Democrats front and center and let the people now they blocked all attempts to constrain Feddie Mac and Fannie Mae. Even Former President Bill Clinton acknowledges the fact. It's obvious, Democrats ran out of town in order to runaway from any responsibility before the the November election.
It's a very angry atmosphere out in the public, and confidence is shaken. Expect demands for hundreds of billions more from Wall Street. Last week was just the beginning.
0 Comments | Related Topics »National | FEATURE | Wall Street
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