12/16/2008
In absence of propriety
Why did the American financial woes grew so big and for so long? A lack of propriety, when everyone who is supposed to do his job, failed to do so. There was total negligence, no due diligence or worst, collusion. The consequences, the thieves and conmen had a field day doing what they wanted without any interference from the regulators.
The first failure was the auditors. They were the first line of defence. Why are organisations paying so much for these auditors for not doing what they were supposed to do? And why is there, yes, why is there no one to watch over the guards? And the auditors are keeping very quiet because everyone is pointing the fingers in all directions but not at them. They must be held responsible and charge for the crime or as collaborators of the crime.
And that includes guarding the regulators. Obviously the regulators were all sleeping or in cahoot with the thieves and con men. Or they might be beholden to them in some ways. Everyone got very rich, extremely rich in the process.
And paradise is trying to emulate this great model of success. When people or organisations are responsible to do their jobs did not do them for some reasons, it is the recipe for disasters. The American lesson must be learnt fast and the flaws corrected.
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6 comments:
Practitioners of "Asian Values" in paradise are highly resistance to changes.
Any hints for them to do so will undoubtedly invite endless lawsuits of defamation against their integrities.
needs a higher dosage of bitter medicine.
Yeap. I'd recommend the max dosage.
The poor being poor, have nothing to lose, while those caught in the middle will carry on doing the same thing, eat lesser, work longer, as before.
The LACK OF CONSCIENCE + the ABSENCE OF PROPRIETY = DOOM.
patriot
Sorry!
forgot to add to above post:
NO CURE- no matter the dosage or the bitterness.
patriot
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