If this deadly dynamic isn't solved -- if the biggest banks aren't broken up, if the Department of Justice doesn't start prosecuting crime in the financial sector -- our country will in the not too distant future see a financial crisis far worse than in 2008.
The ghosts of the Enron Corporation are haunting us still, and they are a lot scarier than any horror movie ghosts because, unlike the Hollywood variety, these ghosts still have enough substance to cause an economic nightmare.
Every business is dependent on good business development and yet it remains an enigma as to how to create a stellar sales organization. It takes training, motivation, leadership, good talent acquisition and tons of effort.
Earlier this year, OpenTab Productions presented the West Coast premiere of Enron 2012. Using some superb puppets designed by Miyaka Cochrane, the production was directed by Ben Euphrat with a fury appropriate to the greedy tale of what happened to "the smartest guys in the room."
Where is Phil Gramm hiding? The former Republican senator from Texas has not been heard from since his bank got nailed by the G-men. Or, as the Times put it, UBS now has the distinction of being "the first big global bank in more than two decades to have a subsidiary plead guilty to fraud."
Does having an affair lead you to make bad decisions across the board? Does it impact your ability to lead, manage or govern, or just your ability to stick to your marital vows? And if it doesn't impact your ability to lead, manage or govern, why would you have to resign or be ousted?
Just recently, Washington announced the creation of a "dream team" of financial regulators, called the Systemic Risk Council. Great idea, but here's a question: Why was the current chairwoman of the SEC, Mary Schapiro, not included?
Sadly but fortunately, there has been enough fraud, insider trading and other white collar crime in the United States over the past few decades to enable the SEC to create templates for major types of crimes and to tag the telltale signs of those crimes.
If Congress is truly serious about banking reform, it needs more than just well-intentioned laws: it also needs the right people to enforce those laws, it needs to give those people the resources they require to do their job properly, and it needs to pay them decently.
Once again the 'bipartisan' consensus in Washington, fueled by an intoxicating brew of conventional wisdom laced with campaign cash, has repealed some of those 'cumbersome regulations' that do nothing of value -- nothing, that is, except prevent catastrophes.