Congress as the penultimate Peter Principle
They are smarter than you. Everyone knows that but you.
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2 Responses to “Congress as the penultimate Peter Principle”
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April 29th, 2010 at 4:31 pm
As if any of this is Goldman Sach’s fault. All these congressional hearings are a complete farce, but not for the reasons Stewart thinks.
Even if you want to make the dubious case that a business shouldn’t be allowed to sell products to willing buyers (even while following the federal government’s disclosure rules!), this is all grandstanding. What right to congresscritters have to make Goldman Sachs a scapegoat for the failures of the regulatory state that they created?
If congressmen were held to the same standard as the businessmen who get paraded before congressional hearings, most of congress would be in jail… where they belong.
April 29th, 2010 at 6:10 pm
I make the “dubious” case that retail brokers have a fiduciary duty when advising their clients. When they abrogate that duty in the interests of a third party, they’re guilty of fraud, regardless of what disclosures they made.