There is an old adage that behind every wealthy familly lies a crime. The Kennedy's come to mind.
Enron was a compnay where greed and ego intermingled as a motive to rationalize the end justifies the means. Until the end they personafied success in the Houston, Texas corporatist centers of America. Even President G.W. Bush called Kenny Boy one of the best.
Upon its fall President Bush assembled a task force on corporate crime. As the President correctly stated the bedrock of capitalism is trust. Without this capitalism is doomed. The President appointed his assistent Attorney General, Mr Thompson, to head this task force. Shortly after his appointment Mr. Thompson was forced to resign when during Senate testimony it was disclosed he made 400 million while an officer of Providian Financial. The company plead guilty to targeting subprime credit card customers and destroyed or delayed processing payments to collect late fees and or raise interest charges due to late pay.Providian Financial was later sold to Washington Mutual.
Do we require a recap of the "Bubble" to prove ethics and business appear to be mutually exclusive? Now enter Mr Jaime Dimon, former U.S. Treasury Sec. under President Clinton. The democratic version of deregulation is healthy for the economy. The mastermind of repeal of Glass Steagall Act for the democrats. Shortly after passage Mr Dimon left government service and became head of J.P. Chase- one of the premier banks and survived the "Bubble" in better shape then most. Mr Dimon who today cries foul to Dodd-Frank and the Volker rule in particular. Mr Dimon who admitted his bank lost two billion and counting doing the very types of trades that capsized the banking industry. The very type of trade that is attempted to be barred by the Volker rule. Per Mr Dimon a minor hiccup well withoun the bounds of banking protocol. As Mr Dimon sits on the Board of the N.Y. Fed. The very body charged with investigating the actions of Mr Dimons bank. Also well within the bounds of banking protocol, as the Board of the Fed, the very government body designed to regulate the banks. has numerous heads of banks on its Boards.
Has the Enron virus ever ended? As with many infections the symptoms at first are minor and subtle. Flare ups occur, then subside. A new norm is achieved. Flare ups occur and re occur. Frequencies increase, until a life and death struggle ensues. Where are we on this progression?