A couple of interesting, possibly even hopeful, economic indicators. The British government, has stripped away knighthood from former Royal Bank of Scotland Group CEO Fred Goodwin, who was in charge of the Bank when it collapsed. It’s no small thing, losing one’s knighthood. Bloomberg reports the move, “reflects a turning point for bankers as politicians and voters step up criticism of pay and performance.” We can only hope.
Over on the continent, European Union regulators (they still have some) have refused to approve a merger between Deutsche Boerse and NYSE Euronext. Had it taken place, the merger between the German investment banking firm and Euronext, would have formed the world’s biggest market for derivatives, giving just two companies control of 90% of the global market. Remember derivatives? Remember government-sanctioned gambling with other people’s money which continues here in the United States and those oh so complicated “financial instruments” that helped cause the market crash here in the U.S. in 2008, as well as economic disasters in Greece and Italy? Remember any of that?
You don’t need a degree in rocket science. Although they want you to think you do, so that you’ll feel helpless, with no means of fighting back against a system rigged in the favor of the rich. Rigged in favor of people like Fred Goodwin.
Then there’s the Australian bus company owner who sold his company and doled out $16 million (US) to his loyal employees as a token of appreciation for their good and faithful service. Chief Executive, Geoff Grenda, said the appreciation of his employees was “overwhelming.” Isn’t it wonderful to hear about bonuses going to someone other than greedy investors who put thousands out of work by either crippling or shutting down companies and then walking away with all the cash in a system that’s rigged to favor the wealthy?
Perhaps the United States needs to take a cue from the Brits, the European Union and Mr. Grenda? Thing is, much of the country has been so thoroughly brainwashed by the right with nonsense about European socialism that it may be utterly impossible to awaken American conservatives from their greed-driven economic coma prior to another monetary blowout taking place. It appears there are those among us who cannot imagine the human condition without the continued existence of unnecessary suffering.