I hate posting stories on Friday afternoon. They can easily fall into the black hole of the near-weekend. So while I'm traveling, let me promote two pieces I had to put up on Friday because that's when the news happened.
First, after a White House briefing on Barack Obama's new Afghanistan policy, ambassador Richard Holbrooke, the special envoy for Afghanistan and Pakistan, continued to talk to the reporters in the room. Prompted to address the opium trade's impact on the potential for success in Afghanistan, he called for "a complete rethink" of the war on drugs in Afghanistan and suggested that he was hardly gung-ho on the poppy eradication program there. So is Holbrooke off the (anti-drug) wagon? He did note that the review process had not been able to produce any consensus on this knotty matter. You can read my full account of Holbrooke's comments here. Holbrooke's remarks certainly deserve follow-up.
Later, in the day, banking CEOs had a lunch with Obama. Afterward, they spoke to reporters and said that the meeting had been been full of frank and productive exchanges and that they and president agreed that "we're all in this together." Trying to cut through the spin, I asked these finely attired bankers if they owed the American public an apology for having helped to screw up the financial system that all of us depend on. None of them seemed eager to field that question. But Kenneth Lewis, the president of Bank of America, did step to the microphone and said, let's stop talking about the past. Read all about it here.
After seeing the article about the non-apology, Robert Wright of Bloggingheads.tv sent me an email noting that these guys (and they are guys) have a lot for which to apologize. He included some clips from an interview with William Cohan, author of House of Cards, a take-down of Bear Stearns. Here they are:
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Comments
The Banking CEOs seem to have learned their lessons well from the Bush Administration: ignore responsibility long enough so that, at some point, you can just say "let's not talk about the past anymore," even though you've never talked about the past yet. That way, you NEVER have to take responsibility for any mistakes.
Very grown up. Just the kind of responsible, ethical people who we would want to lead our financial (or government) institutions.
Posted by: Antidote
| March 30, 2009 1:01 PM
"Mistakes were made . . . "
Posted by: capt
| March 30, 2009 2:49 PM
"let's stop talking about the past." (crimes)
And let's start talking about the future crimes?
Maybe some more future bailout booty!
Too bad Wagoner didn't sell worthless credit default swaps - he would not only still have a job he would likely be a bonus.
Of course Wagoner will get about $20 million of our tax dollars just to prove how bad he failed.
UGH!
Posted by: capt
| March 30, 2009 5:20 PM
I propose the Red Queen solution.
Posted by: David B. Benson
| March 30, 2009 8:39 PM
I worked with a man who made errors which he insisted were in the past need not be regurgitated for discussion. My point was that a lack of analysis implied a potential for repeated failures.
Posted by: kalpal
| March 31, 2009 11:32 AM
"If at first you don't succeed, find out if the loser gets anything."
~ Bill Lyon
Posted by: capt
| March 31, 2009 12:33 PM
'Twould seem that the bailout and the indignancy toward Wall Street is uniting liberals and conservatives alike.
As a seasoned small businessman of over thirty-five years, I can say that something must be done to radically change the corporate system in America. In every business venture in which I participate, I am personally liable for the sucess or failure of the business. That means that, not only do I risk losing everything I have in the venture, but my entire personal (very small) fortune if it fails.
Corporate executives have no risk/reward paradigm, an absolute necessity for capitalism. Their only risk, if they fail, is to walk away with a slightly smaller golden parachute than they otherwise would have. They have no risk. They have no boundaries. Greed is good, but only if it is tempered with rational thought and behavior. These people possess neither.
Posted by: Tomcantu
| March 31, 2009 2:04 PM
The same would seem to be the case for politicians. For all their mendacity, the Barney Franks and Tom DeLays and Duke Cunninghams and Chris Dodds of the world keep getting reelected.
Where is the outrage?
Posted by: Tomcantu
| March 31, 2009 2:14 PM
It's time for drastic changes on our failed War on Drugs.
http://pacificgatepost.blogspot.com/2009/04/war-on-drugs-time-for-change.html
Time to regain control of our streets and our sanity.
Posted by: PacificGatePost
| April 1, 2009 3:47 AM
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