We are in the process of seeking recommendations for our inaugural FEMA Awards for Exceptional Financial Crisis Management. We must thank our reader Swedish Lex for providing the inspiration for establishing these prizes.
We are looking for nominees in each category. We have provided some illustrative candidates for specific prizes. Readers are also encouraged to suggest additional categories if they feel we have overlooked noteworthy types of crisis behavior that are worthy of recognition.
Our initial categories:
“Heck of a job, Brownie” Award for the most extreme example of chief executive praise of a failed performance.
Excellence in Banker Fellation Award. It may be hard to beat Barack Obama defense of Jamie Dimon’s and Lloyd Blankfein’s 2009 bonuses (which were due in large measure to the munificence of the Fed as well as Timothy Geithner’s no-stress stress tests and related cheerleading): “I know both those guys; they are very savvy businessmen…I, like most of the American people, don’t begrudge people success or wealth. That is part of the free- market system.”
Playing Russian Roulette With All Cylinders Loaded Award. A candidate-rich category. Those using this strategy optimistically expected similar happy outcomes:
Leadership in Unforced Errors Award. This should go to the nation or the political block that is fastest in dismantling hard gained strategic geopolitical advantages vis-à-vis competitors like China and Russia for no obvious short-term gain.
Spinning Founding Fathers in Their Grave Award. Sure to be hard fought, given entrants like the US Citizens United decision assuring rule by banksters versus the Greek Parliament agreeing to sell the Parthenon.
Dead Horse Flogging Award. The Fed’s efforts to blame the crisis on the Chinese (aka the “savings glut” theory) rather than letting the inmates run the asylum goes here.
World Cup in Kicking the Can Down The Road Award. Contenders include the numerous rescue plans for Greece, the ostrich approach to chain of title issues in the US, extend and pretend on US second lien valuations, and QEs 1-Omega to prop up US asset prices.
“What We Do in Life Echoes in Eternity” Award. The single most damaging decision. Remember General Maximus also directed his troops to “unleash hell”.
And finally, a grand prize of sorts:
Greatest Ineptitude Under Fire
Reader input welcome!