Thinking about this whole financial mess, it seems to me that our current crop of investment bankers never learned to take responsibility for their actions or for those under their care. Henry Blodget made millions for himself and Merrill touting worthless stock while simultaneously sending emails snickering at the sucker-customers who believed him. UBS sold auction-rated securities to its least sophisticated customers claiming they were as good as and even better than cash, then told the buyers to pound sand when the securities became illiquid. JPMorgan, as detailed below, led its customers into Madoff/Noel land and left them there.
I learned responsibility through osmosis from my parents, with a refresher course, if one was needed, at National Outdoor Leadership School: you don’t lead people into the mountains and come home without them. Today’s IB’s seem to have missed that experience and focus entirely on themselves and their bonuses, no one else.
I understand that the military instills pride, discipline and a sense of team work in its troops, and that the best of them know never to leave a wounded comrade behind. Tax cheat Rangel may have introduced his proposal to reinstate the draft solely to hinder the hated Bush war in Iraq, but I think he was onto something: Rangle wanted to annoy rich white privileged kids – I’d like to see those same kids (actually, race is irrelevant) become full human beings before giving them the power to run the world’s economy. So how about making military service a mandatory requirement for gaining an MBA? Rangle would be happy to see these spoiled brats’ rich careers deferred and the rest of us could have honorable people in charge of finance. Everybody wins, even and including the would-be bankers.