Re:Rewarding Neglect and Punishing Investment in Struggling ...
by omegaworks on Saturday March 16, 2019 @01:32AM
(#19406508)
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The solution is to keep those people in the hot seat, and put in a couple of new rules?
Absolutely not. I believe that executives at some of these institutions should have been held criminally liable for fraud. I also believe that people with the least amount of power shouldn't be the ones to take a haircut.
You're focused on the moral hazard of bailing out the pension system, but what about the moral hazard of promising a stable retirement income to working class people, signing a contract to that effect, and just having it disappear.
What does that say about the social contract between businesses and their employees, that a corporation or government be able to make a promise and not keep it?
Absolutely not. I believe that executives at some of these institutions should have been held criminally liable for fraud. I also believe that people with the least amount of power shouldn't be the ones to take a haircut.
You're focused on the moral hazard of bailing out the pension system, but what about the moral hazard of promising a stable retirement income to working class people, signing a contract to that effect, and just having it disappear.
What does that say about the social contract between businesses and their employees, that a corporation or government be able to make a promise and not keep it?
Who faces the consequences then?