Who Will Take On Wall Street?
Dear Paul Krugman:
Just read your column in today’s New York Times.
The column poses the question - "Who’s Willing to Take on Wall Street?"
a) John McCain. No, you say - too close to Wall Street’s deregulators.
b) Barack Obama. Apparently not, you say - no clear commitment to reform.
c) Hillary Clinton. Apparently not, you say - no clear commitment to reform.
As you point out, the investment industry is "pouring money" into the campaigns of Clinton and Obama.
And as you point out - "These donors surely believe that they’re buying something in return."
And Democrats in Congress, you say, are not much better than Clinton/Obama/McCain.
"Last year," you write, "there was no question at all about the way Wall Street’s financial contributions to the new Democratic majority in Congress helped preserve, at least for now, the tax loophole that lets hedge fund managers pay a lower tax rate than their secretaries."
So, you asked the right question, did a great analysis, but failed to list the correct answer.
The correct answer to your question: "Who’s Willing to Take on Wall Street?"
Is -
d) Nader/Gonzalez.
Earlier this month, I spoke at Princeton University where you teach.
I spoke at the lecture hall at McCosh 50.
And I addressed the subject of corporate crime, fraud and abuse.
Sorry you missed it.
As you know, an aggressive campaign to crack down on corporate crime is supported by a great majority of the American people.
Our position on this is fundamental. It can be summarized in four points.
1. Prosecute the corporate crooks.
2. Set and enforce tough regulatory standards for disclosure, solvency, risk assessment, auditing, and ratings.
3. Greatly expand the ranks of - and resources available to - the corporate crime prosecutors, including those at the Securities and Exchange Commission and the Department of Justice’s Fraud Section. Their budgets are now considered a joke compared to the corporate crime wave they facing.
4. Overhaul the powerless state of the corporate owners - the individual investors and institutional shareholders - and empower them to control the corporations that they own and to hold their top executives accountable.
I’m hoping that in preparing multiple choice tests, you - an esteemed Professor at my alma mater - would at least consider including the correct answer in the list of possible answers to a question you pose to your students and to your readers.
If you choose not to include the correct answer, you should explain why.
Yours truly,
Ralph Nader
