Thursday, July 15, 2010

What Have We Learned?


Just a quick note: On a day when sweeping (but largely toothless) Wall Street reform passed the Senate, BP claimed victory by finally capping an undersea well that's spilled somewhere around 130-million gallons of oil into the ocean and will eventually cost the company billions, and Goldman Sachs settled its fraud case with the SEC to the tune of 550-million dollars and still saw an upswing in its stock prices, what's the ultimate lesson?

These monolithic entities aren't simply too big to fail.

They're too big to even effectively punish.

10 comments:

Anonymous said...

Pfizer got away with the same shit.

Milton said...

and you really thought they would be punished?

kanye said...

I hope the cap holds but, let's be honest: BP hasn't exactly been forthcoming throughout this whole incident. There's no reason to believe that we're suddenly getting all of the facts.

Based on past performance, I give this thing less than a week before it's spewing like Peter North on a celery jag again.

Che Grovera said...

Why do we even go through the motions anymore? These corporate fuckwads need a serious flogging, which clearly isn't coming from the government they purchased.

Sheriff Bart said...

My wizard casts a quickened protection against fire and retreats. Next round he casts grease ahead of the warriors to cover their escape. We need to regroup and figure out how to slay this dragon.

Burns said...

I typed a whole long comment about economics and how these asshats function, but i realized i've been drinking and it can all be made very simple -

Even if we punish these companies, the ones making the disastrous decisions will not be hurt. Companies like these fire from the bottom and only replace executive decision makers with the same revolving door system everyone else uses - effectively keeping the same assholes working that created the problem.

Companies are not people - punish the people making the decisions. Hold them personally accountable, otherwise they just pass it on to the guys who actually work for a living.


That was still pretty long but screw it, I'm gonna have another drink.

Sheriff Bart said...

If we're going full-out nerd here, a Shadowrun dragon is more appropriate to your post. Although those are much more difficult to find.

Che Grovera said...

@Burns:
Corporations are artifacts of the law -- as well as the result of failure to enforce the law, as seems to be the case more and more. There is absolutely no reason besides an abject failure of political will that corporations and the people who control them can't be held to any conceivable legal standard. We -- United States citizens collectively -- are simply afraid of the consequences and too cowed to take the necessary steps to put down this monster of our own making. Make no mistake: there are tradeoffs involved in reining in the corporate beast. But it's defeatist -- nay, nihilistic -- to contend that nothing can be done.

Anonymous said...

One of the biggest mistakes ever made was giving the corporation the same rights as the individual. I could not agree more with Burns. The weaker/poorer members of a group always end up paying for the stronger/richer members mistake. Greed always trumps personal accountability.

Matt Osborne said...

Scary thought #3: imagine BP was a country. Or a terrorist organization. Because that's effectively what these mega-entities ARE.