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I just read in a news articles that AIG's executives slated for another round of mind-numbing bonuses were pointing to laws as reasons why the bonuses could not be interfered with by legislators or regulators. OK - suppose one agrees with them. I find such executives' as well as many other executives' throughout the financial industry respect for law admirable. I find their selective respect for law despicable--and it has also proven to be demonstrably hazardous to the health of the country.

Inevitably legislators and regulators will back off because they do not want to be seen as trifling with laws. What's puzzling to me however is why these legislators and regulators recognizing that such bonuses are outrageous and also corrosive of the financial and social system do not utilize other relevant laws which would be effective in controlling heedless and in many cases criminal executive behavior.

Executives in the financial sector who were oblivious to laws in amassing their fortunes now try to rely on laws to protect these fortunes and also to increase them. There are laws against fraud, unfair trade practices, and other germane matters. As the executives loudly now call for respect for the law, the legislators and regulators play along with them--while both groups concertedly look away from other laws. Thus the charade of the equitable application of the law goes on.


Read more at: http://www.huffingtonpost.com/robert-l-borosage/will-we-curb-wall-streets_b_320549.html