As I listen to more and more stories about Wall Street abuse of the TARP funds, I wonder what I can do about it other than feel outraged and vent in the left blogosphere. What follows may be somewhat naive, I realize.
When I learned about Exxon's attempt to corrupt the science around global warming, I determined that I would rather run out of gas than ever do business with them again. I have not taken my (fuel efficient) car to one of their stations since 2003.
There is enormous economic power in the progressive community. Just because you are a liberal and a progressive doesn't mean you have taken a vow of poverty. It doesn't mean you don't have financial assets that might be used as leverage in this argument. If there were a boycott of the firms that are abusing the government's attempt to fix the situation by even a small fraction of this community, that could hit home with the malefactors.
I suggest that the liberal community discuss the possibility of targetting and punishing financial firms that are morally corrupt by boycotting them on a large scale. Among the things that could be done:
If you have a checking/savings account at one of the financial institutions that is abusing TARP, or awarding excessive executive compensation and golden parachutes, close it.
If you have one of their credit cards, cut it up.
If you are lucky enough to own stocks and bonds, move the account to a more responsible firm. John Thain's former firm might be a good target. Do not invest in any corporation that awards excessive compensation to executives.
Don't invest your IRA funds with these firms, and to the extent you have any control over your 401k, include those funds. Seek out mutual funds devoted to socially responsible investing.
One has the sense that the offending financial institutions are now paying some attention to public opinion. If they got the sense that public outrage with their behaviour might start costing them clients, that could really get them to think about the consequences of their greed, immorality, and bad faith. No progressive should unwittingly subsidize their avarice by doing business with them.