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10/19/2008

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neilehat

DanC, This all goes back to the Logic of Causation. The Legal field has it's version; Direct, Immediate, Intervening, Proximate, Remote, Superceding causes. But this is all academic, see Hart & Honore's "Causation in the Law", Clarendon Press, Oxford. This may be the reason why the "UK's" Prime Minister came up with a different recovery plan and the U.S. did an abrupt turnabout. In the Science field, they're called; Primary, Secondary, Tertiary.

As for the actual mechanics of the failure, this is due to the Boards of Directors not taking control of the operations of the Companies in question. Such that, the Directors were either, bamboozled by the Executives in charge, or were bribed outright, or the Executives in question were the Directors as well. In Agriculture (which is an archaic business model and not to be used as a model for the modern Corporation or National Economic system) has an old addage that's called: " Putting the Fox in charge of the Hen house". Get the picture?

As for "greed" it's either a tertiary or proximate/remote cause depending on your background.

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