Smacked upside the head by a two by 401(k)
Paul Krugman…the last truthteller.
But this summer, when plunging stocks and corporate scandals dominated the news, all sorts of unlikely people declared themselves ardent defenders of the small investor against corporate insiders. Mr. Oxley, the chairman of the House Financial Services Committee â€” and big accounting firms’ best friend on Capitol Hill â€” suddenly emerged as the co-sponsor of that reform bill. Harvey Pitt, chosen to head the Securities and Exchange Commission precisely because the accounting industry regarded him as a softer touch than Arthur Levitt, tried to portray himself as tougher than his predecessor. George W. Bush, whose business career consisted of a series of murky insider dealings, declared himself outraged at corporate evildoers. Fortunately, Dick Cheney didn’t make any speeches about business honesty; that would really have made our heads explode.