Les Leopold: Should Wall Street Pay Reparations?

Posted on Wednesday, August 5th, 2009 at 3:40 am by admin

Les Leopold, harsh critic of the current incarnation of Wall Street and the author of The Looting of America: How Wall Street’s Game of Fantasy Finance Destroyed Our Jobs, Pensions, and Prosperity—and What We Can Do About It, recently posed the following question to his Huffington Post readers—and I’m paraphrasing: Should those crooks over there on Wall Street pay reparations to the American people for their wanton destruction of the economy?

Here’s an excerpt from the article. Read the full post here.

Let’s be very, very clear. Those who actively promoted or passively accepted the ideology of deregulation and wealth distribution put the financiers in control of the economy and they’ve made one hell of a mess of it…after making hundreds of billions of dollars along the way. We then bailed them out with trillions of our money and now they are making record profits again, while nearly 25 million are unemployed and underemployed. And millions more are working for crap wages.

If the arc of the universe bends towards justice, we would start with a President’s Wage Cap to tax away all Wall Street salaries above $400,000 a year and add on a windfall profits tax on all financial firms to pay for extended unemployment benefits until the unemployment rate falls below five percent.

Actually “tax” is the wrong word. We’re talking reparations.

Pow! Consider that a “Les Leopold proverbial foot to the chin.” Read the full article here.

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