This.
WHEN Brisbane lawyer Elizabeth Nosworthy was handed the chair of ailing financial engineering group Babcock & Brown as it teetered under $50 billion of group debt in August this year, eyes were rubbed in disbelief.
Surely not.
Nosworthy is a member of what many in business circles are now calling the “unflushables” _ non-executive directors who, thanks to Australia’s boardroom club, keep bobbing up.
This is despite being involved in corporate failures, share market collapses and value destruction that runs into the billions.
How can that kind of stuff be going on? What a year. Remember those hedge fund managers? Yeah. The ‘alpha’ guys. Big reason why we’re in this mess now. Remember the Community Reinvestment Act? Ha! You know, that stupid law which precipitated the US housing crisis, which precipitated the global economic crisis we’re all in now? Another HUGE reason why we’re in this mess now. Reinvestment of tax dollars indeed. This bailout has to be Bush’s worst mistake.
What a year. The average Joe has been robbed blind. And all in broad daylight.
Cartoon via Liberty News.