Well, it’s about time

Way back in October 2008 I stated on this blog that in order for the United States to fully recover from a deep recession – which was still not even acknowledged statistically – three things had to change:

1.  The institutions that led us down the path to economic destruction had to change.

2.  The ideas that led to fiscal catastrophe had to be re-thought.  And…

3.  The people who got thought these ideas and who headed these institutions had to change.

Well the first two points have been ably addressed.  We have in place financial regulation that will likely create a strong legal framework for sober behavior on the part of financial institutions for the next several generations.  Additionally, no one is leaping over others to underwrite sub-prime mortgages.  No, instead, people are actually looking to make money the old fashioned way – earning it.  You would think with the amount of money that was made and lost in the global recession – around $3.4 trillion (!) – that someone, somewhere had to be up to something risky, unethical, or even <gasp!> illegal.

Kudos to the Federal Deposit Insurance Corporation (FDIC) which announced late tonight that it is conducting 50 criminal investigations of former executives, directors and employees at U.S. banks that have failed and thus, required FDIC emergency help.  Yea!  It’s about time.  I know that these folks are innocent until proven guilty.  I am not cheering the micro level details.  Instead, I am cheering the mere fact that an institution is finally trying to seek accountability for such a orgiastic display of disgusting behavior on the part of people whose lives are professionally near and personally dear to money.

We are now more than two years past my initial October 6, 2008 blog post and finally an institution has changed enough to pursue some of the individuals responsible for worldwide agony.  Amen!

Jason