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Sen. Chuck Grassley caused a stir with his suggestion that AIG executives follow the Japanese tradition of either resignation or ritual suicide.
Well, it could be worse for the AIG folks if they were in China. Some high ranking Chinese officials who flagrantly screwed up have been marched out into the middle of a public stadium and shot.
Of course, that won't happen, nor should it. And those death threats against AIG bonus recipients need to stop. They aren't the problem. The problem is the executives who gave the marching orders.
I think what Grassley was speaking to was the kind of public accountability you see in a country like Japan, where someone would stand before the people and bow their head down and apologise for the damage they have done.
It would be nice to see that happen to the high level folks at AIG who thought derivatives was such a great idea. Of course, a stiff jail sentence would not hurt either.
