I read two items within the same hour that presented a stark contrast.
First was this blog post about the Michigan Legislature’s change in teachers’ pensions. Apparently there are many people who think that teachers’ benefits are way too generous and must be scaled back. Can’t afford them anymore. Tough times.
Then I read in the New York Times that investigators checking into the collapse of the MF Global fund decided there was no criminal liability. The fund somehow misplaced $1 billion of customer money. Just “sloppiness.” No one knows how. It just disappeared. Like that. nobody’s fault. Stuff happens.
The story says: “Just a few individuals–none of them top Wall Street players–have been prosecuted for the risky acts that led to recent failures and billions of dollars in losses.”
Teachers did not engage in risky acts. They didn’t cause millions of people to lose their homes and savings. But they will pay to right the economy.
Guess who won’t pay and won’t be held accountable?