Wednesday, March 18, 2009

Clawbacks, Taxes and Prosecution: Oh My!

Angry Bear captures the zeitgeist of the moment: we need prosecutions of Wall Streeters. Put insolvent firms into pre-packaged bankruptcy, and go after past bonuses as fraudulent conveyance. Or pass punitive, retroactive taxes on all firms that received TARP funds. It could just be the fixed income idiots who spawned this crisis (they accounted for nearly half of Wall Street profits at the peak of the bubble). Or, if Andrew Cuomo is really ambitious, start going after these firms with RICO cases. Get creative. Make arrests. Put the worst of them in jail, where they belong. Show them they are not above the law.

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