TIME PROVES A CRUSADER CORRECT (EDITED AND UPDATED 5/26, 6/8, 6/15, 6/24/2013 as well as 1/12, 3/3, 5/21, 7/15, 7/28, 8/5, 8/7, 8/11, 8/21, 8/27, 9/13. 11/26 & 12/2/2014)!

Introduction:
It’s not often that time proves a “Crusader” (as characterized by his critics) correct in that individual’s lifetime, who when confronted with him own personal failings acted honorably and stepped aside. This is an account about the often criticized actions of a former Empire State’s top prosecutor in the form of the Attorney General (AG), who displayed the courage to take on the most powerful of Wheeler Dealer types from Wall Street to the streets of the Midwest (if that is where his inquiries led too) to try and “tame” an industry that was drowning in its own excesses. His efforts, in my opinion was an attempt to remind those involved that they were entrusted (for the most part) with the resources of others, which required a certain comportment often forgotten by those in the (financial services) industry that had frankly developed a free wheeling attitude with the resources of others.

Here are the Background Details:

The November 18, 2004 edition of that Daily/Weekend Business Street Publication (A18) in the article from a Writer complimenting the (now) former AGs Office, initiated its description with a quote from former U.S. Supreme Court justice Harlan Fiske (1934) who wrote “most of the mistakes and major faults of the financial era that has just drawn to a close (speaking of the Great Depression) will be ascribed to the failure to observe the fiduciary principle, the precept as old as holy writ, that “no man can serve two masters”…those who serve nominally as trustees but consider only last the interest of those whose funds they command suggest how far we have ignored the necessary implications of the principle.” Those words could have as well been written about the recent financial crisis just as they were applied to the events leading up to the crisis in the years when the former AGs Office was attempting to draw attention to them. The description pointed out that the efforts of the former AGs Office began in 2001 with its focus on:

• the Investment Banking industry and then spread to
• the Mutual Fund industry in 2003 and at the time of the article’s publication, its focus had turned to
• Insurance Brokerages.

His Office pursued practices so commonplace that they were described as “open secrets” in their respective industries and generally accepted as the “normal” for carrying out business, whether among Investment Banking industry types, Mutual Fund industry types or Insurance industry types, who were “sucked’ into a highly unethical code of business conduct, (which in some circles are a standard practice if an individual wanted to keep their means of livelihood, and still in some circles exist even today - see the post ONE CASUALTY OF THE RECENT FINANCIAL CRISIS - TOO BIG TO FAIL for an example of such practices that are still in existence). The practices pursued were so deep-seated and in an industry where product costs so directly impacted product value, meant that, offering “real, honest-to-god, dollars and sense value” to clients necessitates offering financial services at fair, reasonable and competitively determined prices. This pervasiveness was exemplified by the actions of a CEO of one of the Nation’s Banks in announcing his goal of doubling the 7% share of the Bank’s revenues provided by the Asset Management Group by “cross-selling”, which set in motion a chain of events whose outcome was clearly evidenced by a manager who then set about to make his wish (though highly unethical), a reality (to provide just one such example).
As emphasized by the Writer all those who place that “valuable characteristic” of trust in financial services providers should be applauding the former AGs Office (and this Hobby Blogger is in complete agreement that the former AG is to be commended). However, as pointed out in the description, the efforts of his office were not appreciated in most circles, often accusing him of over-reaching. The article ended with this quote from Demosthenes, “nothing is easier than self deceit. For what each man wishes, that he also believes to be true,” in pointing out that admitting mistakes requires character, so does introspection, and changing the status quo, as does courage. Accepting responsibility for the mistakes carried out was emphasized as the starting point from, which to rebuild the nobility of fiduciary duty to its eminent place among principles that were needed in the Industry.

The Implications/Outcome of the Former AGs Office’s Actions:

As history has shown, the call from the article’s Writer for self introspection and self correction went unheeded as so often occurs when the focus of attention is removed and sadly, a return to old habits ensued. Can it be said with any certainty that had the former AGs office efforts had been sustained that the atmosphere of heightened awareness would have caused those underlying conditions that led to the recent financial crisis to be averted? No individual can say with any certainty that the sustained efforts of this single AGs office would not have led to the types of real reforms needed to implement self-correction in the Financial Services industry. Even though the actions of this AG himself makes no sense then and still do not, (as they are quite out of character), especially when attempting to "tame" an operating "way of life" in, which no real standards of conduct exists practically, and involve some types who would use any means to remove any impediment in their path, [which he would have been only too well aware of in his position - see example # 4 in the post WHAT STOPPED A CHAMPION- (EDITED AND UPDATED)?].
Regardless of the circumstances, it can only be said that with the removal of that “Crusader”, business as usual commenced and the resulting financial, (the worst in approximately 80 years occurred). We will never really know for certain if his Office had continued its courageous efforts, if the crisis could have been averted (as previously stated). Had the warnings of the “Crusader” been taken to heart for self-introspection, the outcome would been far different from what is being faced now, in having regulations “imposed” instead of developed internally through self-correction, which is a real demonstration of character and leadership. It takes real character to admit mistakes and then act on them instead of attempting to demonstrate “toughness” (or thuggish behavior) and carrying out business as usual, blindly and ending up with chaos for those who choose to demonstrate, lack of character . In hindsight, self-introspection is always the better alternative.
This Hobby Blogger who believes that a single individual can make a difference would like to believe they would have been altered with the sustained effort. Having witnessed first hand the type of changes heightened awareness can bring about in the inner city of New Haven, CT almost thirty (30) years ago, in leading much needed community improvements FOR THE BETTER, I know it’s possible, if and ONLY if the desire for change exists at all, in an environment in, which "self preservation" is the motto by, which some unexpected "players" with "shadowy" backgrounds live from day-to-day!
Those considering the soundness of direction changing paths, (in moving away from a "whatever works" to an alternate type lifestyle); the following should be remembered from the Biblical book of Ecclesiastes, chapter 7: verse 19, which states "wisdom strengtheneth the wise more than ten mighty men, which are in the city." Verse 20, which also points out "For there is not a just man on the earth, that doeth good, and sinneth not." Then verse 29, states "Lo, this only have I found, that God hath made man upright; but they have sought out many inventions." Chapter 8: verse 6, states "Behold to every purpose there is time and judgment, therefore the misery of man is great upon him." Verse 10, which points out "And I saw the wicked buried, who had come and gone from the pace of the holy and they were forgotten in the city where they had so done: this is vanity."

To digress:
The manner in, which the wicked are forgotten can be compared in a manner to those who appear to have "forgotten" the facts regarding my educational journey as documented in the post HOW TO VIOLATE FERPA AND STILL COMPLY WITH THE INTENT OF THIS LAW (EDITED AND UPDATED), as well as in the Footnote of the post GOD DOES INDEED HONOR THE PRAYERS OF A CARING MOTHER - UPDATED, which the below Central Bank of Barbados form that was used consecutively until ALL my objectives were completed, which represents the August 14, 1980 graduation, depicted in the TCI Attendance File as represented by the below TCI photos), as well as through the completion of my journey at Pratt as:

1. the documents, which represent the approval of study leave ONLY support as the photo depictions listed in the post Implications/Outcome: section of the post THE FINANCIAL CRISIS INQUIRY COMMISSION's (FCIC's) REPORT IN ADDITION TO TIME ALSO VINDICATE A CRUSADER - UPDATED support and
2. all those other witnesses never identified but who were aware of my education journey that the examples identified in the As previously pointed out,... paragraph of the post WHAT'S GOOD FOR THE GEESE IS ALSO GOOD FOR THE WIRELESS "CARNDERS" - EDITED/UPDATED AND AMENDED provide examples of. 

 

For additional details about the significance of this document, see the details described in # 6 from the listing in Footnote of the post GOD DOES INDEED HONOR THE PRAYERS OF A CARING MOTHER - UPDATED.




THE AUGUST 14, 1980 "REAL" GRADUATION CLASS OF 16 (EVEN THOUGH 15 WAS IN THE OFFICIAL PHOTO TAKING DAY'S PHOTO). THE LEFT PHOTO IS MINE FROM GRADUATION DAY AND I'M IN POSITION NO. 2 - JAMES (F.) FRANCIS BRAZANT, FROM THE PHOTO TAKING DAY'S PHOTO, RIGHT. THE BELOW SIGNATURES OBTAINED ON 8/14/1980 ARE ON THE BACK SIDE OF THE ABOVE OFFICIAL GRADUATION PHOTO.

Notably absent from among the listing of signatures is that of my "so called" close school acquaintance the expedient Jamaican/Englishman, "free loader" Carl Gauntlet (if that is even his real name, who conveniently removed himself when the signatures were being obtained, even though available for an earlier graduation day photo as shown below. However, such actions are not the type consistent with those of an above-the-board individual.


To resume:
Verse 11, also points out "Because sentence against an evil work is not executed speedily, therefore the heart of men is fully set in them to do evil." Verse 12 states "Though a sinner do evil an hundred times and his days be prolonged, yet surely I know that it shall be well with them that fear God, which fear before Him:"* (see Footnote) and verse 13 states "But it shall not be well with the wicked, neither shall he prolong his days, which are as a shadow; because he feareth not before God."* see Footnote.

Conclusion:
As previously pointed out, it's not easy to move towards a life totally dependent on God, without being one of His chosen, it's just impossible because there is NO possible way for any individual to depend on God completely unless being such. However, once accomplished, it will take a continuous journey to mend (or reconcile) those areas in need of uplifting as appropriate to bring them in harmony with God's will for our lives and to live a life dependent on His direction. See the post COMPREHENSIVE PROBLEM SOLVING AND CHANGING PATTERNS- EDITED AND UPDATED for a discussion on the subject of "turn-arounds" generally, to add greater clarity on this often seemingly confusing subject].
 
THE POINT TO BE EMPHASIZED IS THAT THE ACTIONS OF THE CRUSADER TO LEAVE HIS PURSUIT OF WRONG-DOING AND FOCUS ON THE PURSUIT OF THE GOVERNOR'S OFFICE TOOK HIS FOCUS AWAY FROM IMPORTANT ISSUES THAT NEEDED A CHAMPION AND LED TO HIS ULTIMATE DEMISE, BECAUSE THE SHEER SCOPE OF THE TYPE OF SITUATION THAT WAS HIS UNDOING (AS DOCUMENTED IN THE CONCLUSION SECTION OF THE POST WHAT STOPPED A CHAMPION - UPDATED REGARDING THE $36 TRILLION "SHADOW BANKING COTTAGE INDUSTRY" PROBLEM OF THE "FREE LOADERS CAUSE" LEFT UNADDRESSED), WOULD NOT IN MY OPINION, HAVE DEVELOPED IN THE MANNER THAT IT DID, HAD HE REMAINED IN THE AG'S OFFICE. HIS SUCCESSFUL PURSUIT OF THAT OFFICE LED TO HIS UNDOING, BECAUSE IT WAS WHILE IN THE OFFICE OF THE LATTER THAT HIS UNTIMELY DEMISE OCCURRED, LEAVING HIS DECISION TO PURSUE THE LATTER OFFICE OPEN TO QUESTION. THIS POST HAS TO BE EXAMINED FROM THIS POINT-OF-VIEW IN ORDER TO GAIN A CORRECT PERSPECTIVE ON THIS ISSUE.  


* Footnote:
This text underscores why it has been on occasion pointed out that the Biblical text has to be read with caution because of centuries of distortions, which can be confused if proper guidance is not available. For example, verses 11 and 12 can be interpreted as implying as if God lengthens the days of the wicked in their wrongdoing, which is far from what's accurate as the GOD of creation (OR ONE) DOES NO SUCH THING even though He permits actions in the lives of His chosen. Therefore, please exercise caution when attempting to apply the details included in the witnesses from the Biblical text as highlighted and described in the +* Footnote in the COSVRY INVESTMENTS CONCEPTUAL ORGANIZATIONAL CHART and be sure to maintain it in its proper context because misinterpretation can be introduced as the above verses imply.