Bad Actors?

I understand that there are many culpable people in the current disaster that is our economy. When you hear stories about dirty CEOs, it makes you wonder how systemic is this?

KB Home's former CEO indicted - Dallas Business Journal:: "Karatz, 63, is alleged to have backdated stock options over seven years, awarding himself and others millions in stock-based compensation. Karatz resigned from KB Home (NYSE: KBH) in November 2006 under pressure in the wake of an options inquiry. Other top KB executives forced out were Richard B. Hirst, executive vice president and chief legal officer, and Gary A. Ray, the head of human resources.

The SEC began its formal probe in January 2007.

According to the reports, Karatz’s 20-count indictment included seven counts of mail fraud, five counts of wire fraud, three counts of securities fraud, four counts of lying in statements to the U.S. Securities and Exchange Commission and one count of lying to KB Home’s accountants."

It is beginning to be clear to me that the current correction is completely erasing the Bush years. While painful, much of that purported progress was false. All this gnashing of teeth about the Fed's printing press - no one was speaking up when the money was first printed via CDO's and CDS' - things were too good and too easy then. Now We The People get to find ways to fill the gaping hole left by these fuckers.