Senator Tester calling them out…
I think that there should be more of this…our elected officials calling out the mismanagement of big business. Tester is in a major senate race this year with Dennis Rehberg (Tea Party guy). This figures to be a very close race this year with tons of “outside” money pouring in. This article from the Billings Gazette has the story of Tester calling out Gary Gensler, chairman of the CFTC (Commodity Futures Trading Commission). From the article:
Tester said Gary Gensler, chairman of the Commodity Futures Trading Commission, should be fired for the government’s role in the collapse of MF Global, a trading house accused of raiding customer accounts to cover bad investments in European sovereign debt. Legally, the customer accounts were “segregated” meaning they should have been off-limits. MF Global failed despite the cash grab and last October filed a $42 billion bankruptcy, the eighth largest bankruptcy in U.S. history. “CFTC was asleep at the switch. They were in the building when all that stuff went on, too. Maybe Gary Gensler needs to go,” Tester said. MF Global is currently under criminal and civil investigation. At least three lawsuits seeking class action status, including one filed by Montana farmers, have also been filed. Though no criminal charges have been filed, MF Global’s punishment should be severe, Tester said. “From what I know about the issue, it’s pretty straight-forward. People need to go to jail over it,” Tester said.
I agree…people do need to be held accountable for their actions. There needs to be more regulation, not less. What would the country look like with a congress that was not only held accountable, but held big business accountable as well?
Image from here.