Shyam
This time, I had to laugh when I read the demonstrable lie that the Chief Operating Officer of the Massachusetts Bankers Association, Kevin Kiley, has apparently told reporters from the Boston Globe about his friend, Richard Syron (the former CEO of 'Freddie Mac') who stands accused of securities fraud.
Mr. Kiley (apparently sober and in all seriousness) described Mr. Syron (a liar who presided over the secret ruining of one of the largest mortgage agencies in the world) as 'an outstanding businessman,' and he went on to declare that he was 'surprised that the Securities and Exchange Commission had taken action' against him.
Here, in the adult world of quantifiable reality, we are surprised that the US Justice Dept. has not yet charged Mr. Syron (and his lying associates) with offences under the US federal Racketeer Influenced and Corrupt Organizations Act, 1970.
Mr. Kiley obviously was not one of the direct victims of Mr. Syron's lies. His supine commentary is self-evidently based on his friendship with Mr. Syron, and on his friend's other lawful, commercial activities. However, Mr. Kiley's morally and intellectually bankrupt statement insults the intelligence of every tax-payer around the world who has been made ultimately responsible for the catastrophic results of Mr. Syron's multi-billion dollar fraud.
Mr. Kiley's absurd opinion, is the same as suggesting that a previously-respectable banker, charged with passing (what anyone with an ounce of common sense should have known to be) billions of dollars of counterfeit banknotes, should be judged on the grounds that 86% of the money in the bank was not fake, and only 14% this, otherwise-honest, fellow's 'money' contained flaws.
If Mr. Kiley reflects the general moral and intellectual standard of leading American bankers, then it's no wonder that the world is on the verge of an economic melt-down.
David Brear (copyright 2011)
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