Wednesday, October 24, 2012

Still cleaning up after Wall Street.

Rajat Gupta (c) with his attorneys walks to Federal Court for sentencing on insider trading charges. (click here)

It really is a shame for the loss of ethics within some of the professions.


The Wall Street fat cat who fed inside information to the infamous “Hedge Hog” is going to prison — not Rwanda.
Rajat Gupta, who had pleaded to be allowed to pay for his crimes by doing charity work in the African country, was sentenced Wednesday to two years behind bars.
The ex-Goldman Sachs director was also hit with a $5 million fine in the biggest insider trading case in U.S. history.
U.S. District Court Judge Jed Rakoff said he wanted to send a message to other would-be insider traders that “when you get caught, you will go to jail.”...

Goldman Sachs always seems to have the best gossip.

When I look at the demoralization of the professions it really does point to ethics. In North Carolina when one stops to realize the very little power lawyers have to represent their clients, the criticism belongs to ethics.

A person nearly has be be near death in order for courts to rule favorably in a victims favor. There is dearly little negligence in North Carolina for medical professionals or legal practitioners.

The moral standards by which ethics of a profession is defined as been eliminated in NC. It really is a same. Now, morality is all about church, nothing more.

It is corruption that did that to NC and the nation. This is another example of it.

The big thrust with demoralizing a profession is the promise it will make things less expensive. In the case of the medical profession, the Republicans always want to see Tort Reform. Supposedly, Tort Reform will eliminate some lawsuits that are nuisance (which I don't believe there is such a thing) and lower the cost of malpractice insurance. Supposedly, lowering the cost of malpractice insurance will bring down and keep down the cost of health care. 

Really?

In North Carolina the professions have been so demoralized of their ethical responsibilities they don't need malpractice insurance in emergencies anymore. I would think that would be one of the most expensive areas of the hospital for malpractice insurance. Yet, in North Carolina even being exempt from responsibility in the ER hasn't move the needle one inch on lowering the cost of health care.

Instead what is occurring in North Carolina is a demoralizing of the professions, permitting victims to be out of the reach of acting against those that have harmed them and caused a great deal of corruption within the professions.  There is dearly no time when anyone is responsible financially for the poor outcome of a victim and auto insurance companies literally get away with paying next to nothing to victims of reckless accidents.

Following Republican precedent in seeking ways to bend down the curve on the cost of health care never worked and will never work. This November it is important to re-evaluate where the country is headed ethically and return morality to our professions. Including the return of ethical conduct to banking, the financial sector and political campaigns. There is nothing ethical about run away spending in elections to purchase a seat of power. Nothing. When ethical standards are dismissed as important, the professions do not have any basis of self-monitoring and they lose their moral core. That is what has happened under Republican leadership and it is why Americans don't recognize the country they once lived in only a decade ago.