Where Do We Rank?

We're all aware that, in terms of healthcare and education, the US ranks quite a bit lower than we often tell ourselves according to our national myth of being "the greatest" country on earth. But at least we have one of the most robust, healthy systems of justice in the world. Still. Right?

Actually, we're being outdone at the moment by the likes of Nigeria. That's right, Nigeria, with its oppressive police and paramilitary force. Nigeria, which ranks 121 out of 180 countries in the global Corruption Perception Index. We rank way up at 18. But what I'm about to share should put that deep into question.

What does Nigeria do that we can't seem to do? Punish the people who got rich raping their economy. From the BBC:

Four senior banking executives in Nigeria have appeared in court to deny charges they were involved in a multi-billion dollar banking scandal.

and

Fifteen other chief executives at the banks - Afribank, Intercontinental Bank, Finbank, Oceanic Bank and Union Bank - are being questioned by police after the loans were not repaid.

and

One banker, Erastus Akingbola, former chief executive of Intercontinental bank, is still missing. He is on the run and wanted by Interpol.

and, lest you think that this was some local trouble, not connected to the big scams that have rocked the world economy:

All the banks were found to have low cash reserves because of bad loans.

Some of them were also accused of lending money to fake companies run by their friends, and falsely driving up share prices. Huh.

So, "Truth, Justice, and the American Way" apparently means that if you are a big enough crook, you get a seat at the table. The BIG table, the one where you're seated next to the president. Even Nigeria, which hovers around near Eritrea and Honduras in the CPI, manages to call these people to account. We seem helpless to do so.

Imagine picking up your favorite newspaper and seeing: Fugitive Bank Boss Still At Large.

That's the world Nigerians get to live in. Instead, we get: Obama selects Bernanke for Another Term.

Now, you can reasonably debate whether or not the Fed has helped or hindered our economy during the financial meltdown. But remember when that German fellow flew a small propeller plane into Red Square to try and find his long-lost lover? Guess who got fired, just as a show of accountability? If you said the Russian Defense chief, you'd be right. Now think about being the head of our central bank during the nation's biggest meltdown in 75 years - which was caused by the banks that you set rates and printed money for.

Whups! Can you believe it? The president wants to nominate you for another term. You must be one lucky guy.

But that's not the half of it. As Secretary of the Treasury, we get banking industry loveman Tim Geithner.

Imagine a truly progressive approach based on justice and the rule of law. Even if we (rightly or wrongly) regarded some of these financial giants as "too big to fail", shouldn't we have brought their leaders in to call them to task - under oath in a criminal court? Isn't that the very definition of responsibility and accountability? Sorry, CEOs, you were at the helm when the iceberg was struck. You claim you didn't know what was on your balance sheets or what kind of shenanigans were going on at your firm? You have just admitted gross negligence. Enjoy your time in prison. Maybe, on your way there, you can work on a better explanation why misrepresenting the value of your assets is not fraud.

Instead, what do we get in our supposedly not-that-corrupt republic? We find our leaders quibbling over bonuses and executive pay limits. This is whipping with a feather, and having to fight for that.

Next time someone mentions what a just country we are, remind them that they are talking about a "perception", and that in reality, we rank right alongside the scummiest juntas in the world. Maybe stuck between Libya and Nicaragua, but probably no higher than Nigeria.

But wait, maybe that's going too far. Our national government may be extremely corrupt, but at least we live in a relatively safe country. No, we don't. Okay, well at least we don't live in some repressive police state. Depends on your criteria, perhaps. Turns out, much of it depends simply on how much money you have.

Well, that's kind of a downer.

No one ever said reality was going to be fun. Unless, of course, you happen to be a bigwig at a major bank in the United States. Party on, TARP! Party on, Wayne.