Learn from this
And after tens of trillions of dollars have been lost in a near collapse of the banking system that triggered the downward spiral of the economy, Sen. Isakson and his co-sponsor of the proposed legislation want to know “what happened?”
We do too.
The legislation would create a seven-member Financial Market Commission that will be charged with fully investigating the banking system and how the banks lost trillions of dollars.
“When Enron and WorldCom failed at the start of the decade, Congress rushed to legislate and regulate without all the facts,” Isakson said in a news release. “We need to make sure we don’t repeat that reaction as we seek to recover from today’s financial crisis.”
He also told other news outlets that the government must learn what happened and why; hold people accountable; and if an institution or individual broke the law, they must face the consequences.
That sounds even better.
The commission, which is being modeled after the 9-11 commission following the terrorists attacks in 2001, would have one year to investigate all the circumstances that led to this financial crisis.
The best part of the proposal is that the panel will have the authority to refer to the U.S. Attorney General and state attorneys general any evidence that institutions or individuals may have violated existing laws.
It is hoped, Sen. Isakson, that this commission learns what went wrong, that if someone or something committed crimes that they would face the harshest penalties possible, and that the Treasury Department and the financial institutions that received those huge sums of taxpayers money—$700 billion—open the books to the public.
You’re on the right track, now let’s see it through.
Congratulations to those who were recognized Thursday night during the Bainbridge-Decatur County Chamber of Commerce awards reception held at the Charles H. Kirbo Regional Center.
Peace Office of the Year recipient, the late Deputy Robert Griffin; Man of the Year recipient Darnell Holley, Woman of the Year recipient Joyce Robinson, and Community Service Award recipient Charles Tyson have reached out to the community in their own special way, and made this community a little bit better.
Even the passing of the gavel between the chamber’s chairman and past chairman is no small order. When Dr. Suzi Bonifay handed Keith Lyle the gavel to take charge of the Chamber of Commerce, she started her fifth year of as an officer—all voluntary.
Time, talent and service to enhance a community comes in all styles, but it all can be boiled down to one word—thanks.