I'm mad as hell.
The federal government, after refusing to regulate the modern financial industry, has now decided that they will spend untold billions of taxpayer dollars to bail out firms that played fast and loose with other people's money.
I'm all for that. The current financial crisis does need radical intervention, and all of our assets are on the line.
But I have visions of the CEOs who have gotten us into this mess retiring in luxury, and I can't stand it.
I'm not going to get a gun and shoot anyone. I just don't have it in me, and I'm not a good shot. Besides, I'm not willing to go to jail for it.
I'd love, as my title says, to see the CEO's step up and take responsibility, in the historic Japanese tradition, and expiate their shame with ritual suicide, but I know that this is not part of our culture, and many of them are shameless.
Below the fold, I start trying to translate my anger into more reasonable ideas that might actually punish the guilty while meeting constitutional muster and having a chance to pass as part of the bailout package.
Allright, I'm in an extreme mood, but I've tried to tone these down to the point where they might actually be politically feasible. Let me know how I've done.
All stock options in financial services firms should now be worthless, and no new options should be issued until the federal government has wound down all of the bad debt that it is about to purchase. (Full disclosure--I have a few, but only a few options in my current company's stock that are currently under water)
All contracts promising golden parachutes for financial services company executives are rendered void. No one shall ever be guaranteed more than one year in base salary as severence pay.
All sales of financial services companies' stock shall be subject to excess capital gains tax of 10% for all stock held as of today.
All executive compensation over $1M per year in any form (Salary, Bonus, Stock, Options, etc) should be subject to a 20% excise tax which should fund a trust to be used for assisting laid-off workers and homeowners facing foreclosure. Ideally, this should have a lookback provision for at least a few years.
All mortgage brokers should be required to purchase indemnity bonds that they forfeit if too many mortgages that they write go into foreclosure.
Others . . .