Monday, July 9, 2012
Just desserts?
Several years ago the following headline made news:
"In four weeks, the world's largest toy company recalled more than 20 million toys that had been made in China. The reason? Lead paint." [From Wikipedia] "On August 11, 2007, Zhang Shuhong, co-owner of the Lee Der Toy Company, which supplied Mattel with toys based on the Big Bird and Elmo from Sesame Street and Nickelodeon's Dora the Explorer, committed suicide at one of his factories, leaving his factory littered with goods made for Mattel and its Fisher-Price division. Before hanging himself, he paid off all his 5,000 staff.'"
Apparently, this scion of communist China, took personal responsibility for his and his companies misdeed. What in his educational background lead him to do what so many in the West cannot?
Would that the leaders of the world's largest banks and their lieutenants who engaged in racketeering by fixing the Libor rate do the same. Instead, they will likely beat a hasty retreat to a comfy retirement. Perhaps some book tours.
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