An Old Joke

Rusty Guinn

December 9, 2020·23 comments·Money

A group of executives with some of the most documented histories of harm to ordinary people, from massive financial settlements to environmental disasters to systematic fraud, are being presented as the architects of a new inclusive economic model. The contradiction sits in plain view. Yet this is the exact pitch being made to the world's most powerful institutions.

  • Financial penalties have become a cost of doing business, not a barrier to leadership. The executives driving the narrative around economic reform oversee companies that have accumulated tens of billions in fines for mortgage abuse, securities fraud, and predatory fees targeting the poorest customers.
  • Stock sales continue while transformation messages intensify. The gap between what these figures say publicly about changing their industries and what they personally extract from those same industries grows wider by the day.
  • Environmental negligence is being repackaged as part of a legacy. An executive taking leadership of a company responsible for the largest maritime oil spill in history is positioned not as a departure from the past, but as its continuation.
  • The pattern suggests something has shifted in how accountability works. These individuals aren't being hidden or fired. They're being elevated and given platforms to speak about reform and ethics.
  • The real question isn't whether these executives believe what they're saying. It's what it means when institutions put them forward as the face of systemic change while their records demonstrate the opposite.

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Comments

Johnsoad's avatar
Johnsoadover 5 years ago

Amazing piece Rusty!


BScaletta's avatar
BScalettaover 5 years ago

When I see Aristocrats all I can think of is the cartoon Atristocats. Maybe they’re the Aristoracoons.


rguinn's avatar
rguinnover 5 years ago

It’s a curse. My wife used to work at Disney World, so she shares the affliction.


rguinn's avatar
rguinnover 5 years ago

Thank you!


jpclegg63's avatar
jpclegg63over 5 years ago

Brilliant! I have to admit I was very slow on the uptake on the Jorge/Francisco/Ear of God character. I think the 2021 market outlook pieces have fried my brain!


LividYouth's avatar
LividYouthover 5 years ago

I have a feeling Rusty was jamming to ‘Sympathy for the Devil’ while writing this one.


rguinn's avatar
rguinnover 5 years ago

Hah! Never been a big Stones fan!


rguinn's avatar
rguinnover 5 years ago

Or the writing was just a bit too oblique, which is probably the more likely of the two! Thanks, Patrick!


rfleay's avatar
rfleayover 5 years ago

I feel pretty silly…but I still can’t figure out Jorge Francisco.
Maybe it’s a Northern Hemisphere thing?


rguinn's avatar
rguinnover 5 years ago

Don’t feel silly - it was I that was probably being a bit too cute. The link on the closing “We’re the Aristocrats” line ought to clear it up.

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