Set forth below is the text of a comment that I recently posted to the discussion thread for another blog entry at this site:
You have indicated that some Wall Street con men are going to pay you $500 million. There are hundreds of thousands that work for Wall Street banks. Which ones are going to pay you? How is that determined?
Anyone who wants to can chip in, you know? It’s not for me to say. They are smart people. Let them work it out among themselves.
You consistently seem to miss the point that we are all in this together, that we all want the same things. That reality is core to all of this. You can’t leave that part out and get to a reasonable place.
The Wall Street Con Men are not our enemies. They want to do good work. They want to help people. How can they get to a place where they are able to do that again?
They get to that place through the national debate that we need to have. That’s how these sorts of transitions are achieved. The Wall Street Con Men already talk about the national debate among themselves. They talk about it publicly because they don’t want to get their heads chopped off. But they obviously want to put their human energies to a good purpose. Why wouldn’t they?
The $500 million helps smooth the transition. It puts us all in a place where we can talk to each other like friends. I love Bogle. My work makes Bogle’s work shine in a way that it has never shined before. So in ordinary circumstances Bogle would love me. But Bogle is trapped in a corner. How do we get him out? It helps for him to contribute to the $500 million payment. That makes a statement. That permits him to get all the nasty stuff behind him and to direct his energies to all the groovy, research-based, life-affirming, non-fraudulent stuff.
I would imagine that Bogle would ask around to find out who wanted to be involved. Bogle knows people. And most of the people that Bogle knows know other people. This sort of thing is not a tiny bit hard to pull off.
There is one element that is hard. Bogle needs to work up the courage to say the words “I” and “Was” and “Wrong.” After that, everything is easy for everybody. It has over time become very, very, very hard for the man to say those words. He should have said them in 1981. It would have been easy then. Now it is very, very, very hard. I wish it were not so. But that is the reality we are facing today.
All of the rest will just flow naturally. Bogle needs to work up the courage to say the three magic words. That’s the entire ball of wax re this matter.