The extent to which an individual is not personally accountable is the the extent to which they must be regulated and held accountable. The richest individuals by way of loopholes and lack of regulation exploit this until something has to be done. The current "system" does not distinguish between the accountable and the unaccountable. The accountable need to step up and demonstrate what it looks like to not need regulation. You cannot mandate accountability, you can only demonstrate it. Right now we reward so-called leadership with perks to get out instead of hold them accountable. AIG execs should teach 5th grade math until they can explain a derivative or mark to market accounting so this foolishness about how "complex" things are for the day-to-day person to understand is understood. It's not complex, it's just beneficial to a few who don't want those benefits to end!

I think we need more government oversight of taxpayer money, the scams played on medicaid, medicare and other program because in the name of smaller government we have cut and cut the police ing of of govt. institutions. We have seen in the last 8 yrs. that deregulation costs taxpayers A LOT more than had we hired regulators to audit companies that are insured by taxpayers.

Hey, Darren,

Why don't companies and people examine this
whole matter ( Auto / Banks ) from the sole
heart of the circumstances? Many can well
acknowledge that poor management, sadly
trained employees, too many credit defaults,
or leaving the responsibility to future
generations to pay; however, the truth stands
as a guardian to the nation while that nation
quarrels over it's - or lack of - religious
identity. Usury is the weakness that plagues
this economy. Until the Government focuses on
that, any and all Tests mean nothing to those
whomever are the victims of this mental illness
of CEO ( Criminal Economic Opprotunists ) and
their paid-off politicians.

They did force out Wagoner but with a $20 million retirement package. Not bad for someone who had been chairman for 6 years.

But you're right that GM is the big game. Today's report that GM's 1Q09 revenue dropped almost 50% from 1Q08 is really bad news---especially when you consider that the automakers were struggling in 1Q08. Pretty soon we may be driving Ford Impalas.

OK, tougher on the auto companies.

They did force out Wagoner. They forced Chrysler into bankruptcy. They forced concessions on bondholders, debt holders and the union. They forced cost cuts.

And the debt holders who held out at Chrysler turn out to own about $300 million out of almost $7 billion in debt. So that's not much of a punch back.

GM is the big ball game. Let's see what happens there.

Darren,

Tough on the car companies??? You're kidding, right? If it weren't for the Obama administration Chrysler would have been out of business months ago. But he kept them afloat and kept the UAW workers employed and benefit rich. Next he'll do the same for GM. I have always respected your work, but I think you blew the ending to this one.

The management part of the stress test fits right into the administration's way of doing business. Bank of America wants to repay their loan but the administration doesn't want that; regardless of what they say, they want to keep some control. They included some variables into the stress test that would guarantee failure. But the tests didn't give them the outcome they desired; investors see the banks as being far more alive than the administration hoped. So now they change the rules...just as they did with the AIG bonuses.

I think they're starting to lose their edge. The non-TARP Chrysler bondholders told them no-thanks on the $.29 buyout; the financial world told them today what it thought of the stress tests. Little by little the financial industry is starting to punch back.