Why Has Nothing Changed? Same Leaders!

Monday, January 04, 2010

From "A Fair Deal for Taxpayer Investments" by Emma Coleman Jordan (Hat tip The Big Picture):
The prospects for a robust prudently guided financial sector have been substantially clouded by the fact that the both the corporate governance structure and the executive leadership of the financial sector remain largely unchanged—92% of the management and directors of the top 17 recipients of TARP funds are still in office. (Jordan, 2009)
Anyone reminded of Taleb's "Ten Principles for a Black-Swan-Proof World"?
3. People who were driving a school bus blindfolded (and crashed it) should never be given a new bus. The economics establishment (universities, regulators, central bankers, government officials, various organisations staffed with economists) lost its legitimacy with the failure of the system. It is irresponsible and foolish to put our trust in the ability of such experts to get us out of this mess. Instead, find the smart people whose hands are clean.


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