For whatever reason, I awoke this morning ready to solve many of mankind’s most perplexing problems. While such an inclination would bar me from a career in politics, law, pharmaceutical outfits, the military, and so forth, it nevertheless seems like the right thing to do.
President Obama’s speech last night promising to get tough on BP and make sure they pay for the Gulf Cleanup, hasn’t stopped the net-mill rumors that BP was an ‘inside job” which question how certain Goldman and BP insiders were able to so deftly move in ways that seem on the surface to defy mere chance.
Which gets me to my first pair of solutions. I’d suggest that there are certain kinds of industrial sites where the workers do not undergo serious background checks to the degree which might be required if these same people were to be, for example, fire control personnel on nuclear-armed military craft, or flying jumbo jets around. So step one would be background checks for people in refineries, oil platforms and hazardous materials operations.
Beyond oil marshals on platforms and in plants, background checks including quarterly financial statements for operating personnel would make sense. Wonder how many BP employees, officers, directors, and contractors dumped stock ahead of April 20th? Gotta think AG Eric Holder’s team will be asking the same thing.
But this gets me to an even bigger concept worth pondering: Just like average citizens can get put on no-fly lists for who knows what reasons - going to the wrongprotest, or something, how about a lot more useful list I call the no corporate involvement list?
Let’s say that a corporation has a board of directors which was in place when bribes were paid overseas in violation of US law, or who were in their lofty stations when a company was deliberately profiting by misrepresenting products in, oh, collateralized debt paper, just for example.
Better than the odd prosecution of one fall guy for the organization, I’d suggest that the whole executive level of such firms, two layers deep be barred for five-years in cases of massive public misfeasance.
Besides creating huge turnover in some of the world’s largest ‘investment’ (which I think of as ‘ripoff’) banks, the technique would go a long ways toward restoring public confidence in government’s ability to operate as advertised.
Instead of ‘no fly’ lists, I propose: “No investment banking” lists, and “no corporate directorship” lists. And for the money guys: “No stock trading” lists.
Just to keep everything on the up & up.