Gillmor on corporate criminals

Dan Gillmor blasts the corporate crooks whose transgressions fill today's newscasts, greedy bastards who milked billions from their companies, betraying their shareholders. Dan thinks they're aberrant, and that their worst sin is making investors believe that there's no way for the little guy to win. I wonder how aberrant they are — these aren't fly-by-night operators; the perps in these billion-dollar, economy-destroying felonies are seasoned CEOs and CFOs, people who come from the ranks of Big Five consulting firms and out of world-renowned B-schools. These crooks are the kinds of talking hairpieces that VCs like to parachute into startups to get them ready for IPO; they're the kinds of back-slapping cap-toothed glad-handers who know how to talk to the investment bankers. Some days, I believe that the only way to get to the top of a venture-funded or public company is to check your morals at the door.

Rational people are starting to assume something that isn't necessarily true. They're becoming convinced that the system is hopelessly, irrevocably rigged against everyday investors by a corrupt cadre of insiders in boardrooms and on Wall Street, willfully assisted by regulators and elected officials who are either corrupt themselves or simply blind.

None of this excuses the greed that turned many of those currently rational people into greedmongers themselves. Every financial bubble brings out the sharks, and the smaller fish tend to swim en masse into the killing zone.

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