Hubbard's behaviour falls into the realm of evaluation for positive economics not normative economics. He and others like him should be disavowed en masse for their lack of professional integrity and the call is not even close. And we need to get to a point in society where we stop giving people a pass for unethical behaviour just because it is legal. We are seriously undermining the case for democracy when we allow elites to fix the rules and dance around their edges.
For the record - I have only voted against the conservative party once in my eighteen years of voting eligibility. But everything conservatism stood for when I was young - pro family pro small business- is being undermined by current catering to oligarchy elites by the right.
Matt Taibbi from Rolling Stone.
"To deal with this problem, the Dodd-Frank Act among other things included a simple reform. It required the financial advisors of municipalities to do two things: register with the SEC, and accept a fiduciary duty to respect the best interests of the taxpayers they are advising.
Sounds simple, right? But Wall Street couldn’t have that. After all, if companies are required to have a fiduciary responsibility to cities and towns, how in the world can they screw cities and towns? The idea was a veritable axe-blow to the banks’ municipal advisory businesses."
Seems like the only responsibility the elites are concerned with pertains to the poor for their lot in life. The concept of ethics and responsibility does not extend to the rich and powerful. Just make the unethical legal - and there you have it- our hands are clean. Mr,. Policeman go concern yourself with arresting minorities on petty drug charges -our hands are clean. Mitt -tell us again how the unemployed in the US should borrow $20,000 from their parents and start a business. It is such an inspiriing tale of individualistic entrepreneurship - like your personal story.
Unfortunately, Obama-Geitner-Dems are not any better wrt to FIs.