Ok maybe you got a clue from the title but if you missed it here are the details. It seems Citigroup was concerned about not having enough corporate jets to satisfy their executives so with a portion of the bail out money they received in December they went out and purchased a “…French – made luxury jet…” “…There are just nine of these top-of-the-line models in the United States…” Wow must be nice to have a custom made ride to the Alps for some winter skiing and a little get away to the Bahamas when your tired of the cold in New York.. Maybe they are trying to a new start up to replace Jet Blue and you and I will get $99.00 round trips to Orlando, I don’t think so!
And if you like that you will love this guy;
If you have missed all the news last week you missed John Thain’s Bonus binge and his high priced decorating (trash receptacle $1,400) as he was arranging the buy out with Bank of America of Merrill -Lynch. With TARP money, oops your money.
Well it seems that the culture of, entitlement and to large to fail, has totally corrupted the minds of bank executives through out the entire sector of America capitalism. Today I believe that all the regulation in the world would have little effect in altering this course. Only nationalization will allow for the wholesale removal of those boards and executives that continue to believe they are special and above average Americans.
Now should nationalization be a long-term process I hope not, I do believe that to turn such a system sole over to the government will have the potential to swing the pendulum in the other direction and we risk Politics creeping into our monetary system. I think the risk of elected officials having even remote control of Capital and who and under what terms it is doled out will not benefit our economy. I do say this not trying to impugn those currently in office and trying to figure a way out of this mess but to look down the road and at past history to understand the potential for manipulation of a government program to effect a political out come.
Nationalization would allow for a safe and orderly revamping of the corporate structure of our major banks certainly some executives who have shown restraint and a clear understanding of the challenges would remain and those who have historically placed only profits and opulence ahead of moral and ethical judgment would be removed and their golden parachutes cancelled. This could be done by a comprehensive review by the treasury department and allowing the facts and the record to speak for itself . We would see as a result an ability to directly pump bailout money into the economy in fast effective lending and a system of allowing risk not profit to determine the direction of business growth and expansion. This does not have to eliminate risk but to understand it and keep it at a manageable level. If there is one thing we certainly should have learned by now that ignoring risk will doom us to repeat the exercise of the present over and over again.
Well their you have it I am on the bus for nationalization now I hope we do it swiftly and effectively and get the system back on it’s feet with a health set of regulations. Until this happens we will see more French Plane’s over American Sky’s with our American Corporate Logos splashed down the sides.
As Usual Just my Opinion