March 28, 2009 at 11:58 pm
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The crash has laid bare many unpleasant truths about the United States. One of the most alarming, says a former chief economist of the International Monetary Fund, is that the finance industry has effectively captured our government—a state of affairs that more typically describes emerging markets, and is at the center of many emerging-market crises. If the IMF’s staff could speak freely about the U.S., it would tell us what it tells all countries in this situation: recovery will fail unless we break the financial oligarchy that is blocking essential reform. And if we are to prevent a true depression, we’re running out of time.
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It’s a prospect that can make the steeliest CEO sweat — the raised hand, the oath, the bank of flashing cameras, the lawmakers who want their five minutes on the nightly news. Even if a witness before a congressional hearing doesn’t endure five hours of questions, as Edward Liddy of American International Group (AIG) sat through last week, facing a hostile panel is never fun. A wrong answer could add to a witness’s legal jeopardy. A shifty response can send stock prices tumbling. A poor performance can ruin reputations — as slugger and accused steroid user Mark McGwire can attest. But there are also opportunities. A strong witness can defuse a budding scandal and dissipate public anger — and perhaps even provide justification for one of those executive bonuses talked about in the news. A CEO who has been battered by the press could be given hours to explain his or her side of the story. In the courtroom, defendants have attorneys to help them prepare and sit by their side.
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Lobbying FAIL.
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