I am feeling a bit philosophical today so I have to ask with all the recent financial news, “Has capitalism failed or did we fail capitalism?” I point to several financial stories in the news today.
- Goldman Sachs Executives sold $700 million following the collapse of Lehman Brothers with most of the sales coming at the time when Sachs benefited from billions in government relief.
- Attorney Marc Drier got 20 years for stealing $700 million from clients.
- Financial giant C.I.T. is on the verge of collapse if it doesn’t get assistance from the federal government.
Of course all this comes of the heels of A.I.G., G.M., Chrysler, Fannie Mae, Freddie Mac, and Bernie Madoff.
So what do you think?