Wednesday, March 18, 2009

Post-Script: Morality hazard

On that note, I will also ask: these bonuses supposedly had to be paid out of contractual obligation, that to deny them would have been illegal. I don't want to get into an argument (with myself, it looks like) on the difference between legality and morality, but it bears repeating that these people wrecked the economy, severely, and millions of people are suffering because of their recklessness. I doubt there is a law on burning down the economy, but there is a moral obligation that the bastards who pissed peoples' money away should be punished. Who among the executives responsible for this mess have resigned or been fired?

This isn't a matter of populist outrage, but simple accountability. These people fucked up, bad, and they need to be punished. To wring hands over the legal necessity of million dollar bonuses is to lose sight of the much bigger crime that made this such a contentious issue in the first place.

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