Obama Cracks Down on Corporate Greed

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Ben Cohen
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By Ben Cohen

The crumbling economy is in part the result of a huge distrust of public and private institutions. Corporate corruption has virtually wiped out consumer confidence as people believe big business is actively stealing from them, while government simply enables it. The recent news that Citigroup has used tax payers money to purchase a $50 million Jet was just the latest scandal in a long line of overt greed by our corporate overlords. However, according to ABC, Obama sent a stern message to Citigroup that this type of behavior was not acceptable, and the banking giant rescinded its purchase stating: "We have no intent to take delivery of any new aircraft."

Does this mark the dawn of a new era? If serious headway is to made in turning around the economy, trust must be first on the 'to do' list, and this means punishing the greedy and holding them to account. Obama's quick move to slap down Cititgroup, which has received $45 billion of taxpayers money over the last few months, is a welcome one. There is a long way to go, but at least we know Obama means business.