Letters to the Editor

Letter: Deceiving for profit needs more resistance

Banks do it (J.P. Morgan Chase, Citigroup, Bank of America, Wells Fargo, Credit Suisse AG, HSBC Holdings, UBS AG, Goldman Sachs, Morgan Stanley, Barclays).

Pharmaceuticals do it (Johnson & Johnson, Abbott Labs, Astra Zeneca, Pfizer, Merck, Eli Lilly).

Even educated industrials do it (Halliburton, Siemens, Boeing, EXXON Mobil, Intel, Shell).

They all do it. They all ... fall from grace while attempting to pull the wool over everyone's eyes. Skullduggery. It's been going on for decades (long before Enron and its ilk) and will continue for decades more (VW is only the most recent "discovery").

CEOs resign, but they've already pocketed multi-millions, so their financial loss is not particularly painful. If there were a clawback provision in their contracts, they might be less inclined to deceive for profit.

Our government, though, collects many billions in fines. Maybe, instead of beefing up the IRS, we should enlarge the Department of Justice. The returns are potentially much greater.

Herb Zimmerman