I would been much happier to see the reinstitution of the Glass-Steigall Act, put back in the uptick rule, Limit the scope of high frequency trading, and incorporate ways to wind down/break up TBTF banks.
Last edited:
I would been much happier to see the reinstitution of the Glass-Steigall Act, put back in the uptick rule, Limit the scope of high frequency trading, and incorporate ways to wind down/break up TBTF banks.
Oh I know it's the inevitable Republican obstructionism but my concerns are that the Dodd-Frank reforms where so watered down that it isn't going to make a difference.
First
Lifer
- Jun 3, 2002
- 10,518
- 271
- 136
Much too long to get to this point, and this is being put out at too convenient a time. Sorry, I call'em as I see'em...
airdata
Diamond Member
- Jul 11, 2010
- 4,987
- 0
- 0
That'll teach me to just read the headline...
Business as usual. This is exactly what that judge was talking about weeks ago when he openly condemned them. They commit heinous felonies and are allowed to pay a fine, and nothing ever ends up on their record... they pretend it never happened.
This include Barnie Frank?
I would like to see a $1.00 service fee/tax on all Stock Exchange orders. What this would do is make it harder to buy and sell stock thousands of times a day. This would be a way for the government to get their piece of the pie whether there is a capital gain or not.
I would like to see a $1.00 service fee/tax on all Stock Exchange orders. What this would do is make it harder to buy and sell stock thousands of times a day. This would be a way for the government to get their piece of the pie whether there is a capital gain or not.
Last edited:
Fern
Elite Member
- Sep 30, 2003
- 26,907
- 173
- 106
IMO, it's a badly flawed bill. I don't know enough about it's regulatory aspects to judge it's effectiveness at preventing absurd stuff like the insurance on bonds you don't even own. However, it is causing tremendous damage to our banking industry. Instead of preventing "too big to fail' it is actually escalating it. Small and medium banks, who had absolutely nothing to with the financial crisis are literally being forced out of business. The cost of compliance is so steep federal regulators are actually telling these smaller banks to sell out to large banks because they cannot be profitable given the costs of compliance. I don't have the info handy to provide links (I have only hard copy versions of this info) but this bill is causing an alarming consolidation of banks.
I believe we're gonna have a huge problem in the future and look back and realize this bill caused it all.
Fern
Repubs fought for de-regulated banking for 60 years, and finally got it in 1998, after after a series of steps in that direction beginning under Reagan. And during the Bush years, what regulations that remained were either thwarted by the Admin or ignored by Bush regulators & Greenspan's FRB.
Those are merely factual statements.
And yet, our resident Righties are quick to blame Dodd & Frank, as if they were actually in control at the time. They weren't.
Repubs controlled both the legislative & executive branches from 2003-2007, cheered Wall St on as the bubble grew. They created the "Ownership Society" meme as a cornerstone of their 2004 re-election campaign.
Today, their fanbois are desperate to blame somebody, anybody else for the catastrophe resulting from their own policy, from people who couldn't stop it to the victims themselves. The shameless arrogance of their leadership is truly astounding, matched only by the blind stupidity of their followers.
Self regulated banking is a failure.
The Ownership Society is a failure.
Supply side Reaganomics is a failure.
Until the political Right faces that squarely, failure will continue.
Those are merely factual statements.
And yet, our resident Righties are quick to blame Dodd & Frank, as if they were actually in control at the time. They weren't.
Repubs controlled both the legislative & executive branches from 2003-2007, cheered Wall St on as the bubble grew. They created the "Ownership Society" meme as a cornerstone of their 2004 re-election campaign.
Today, their fanbois are desperate to blame somebody, anybody else for the catastrophe resulting from their own policy, from people who couldn't stop it to the victims themselves. The shameless arrogance of their leadership is truly astounding, matched only by the blind stupidity of their followers.
Self regulated banking is a failure.
The Ownership Society is a failure.
Supply side Reaganomics is a failure.
Until the political Right faces that squarely, failure will continue.
This is only going to jack up executive compensation even higher.
Execs are going to go "wait a minute, I'm not going to chance going to jail over this extra profit" so the shareholders will vote him out and pay whatever it takes for somebody that will.
Execs are going to go "wait a minute, I'm not going to chance going to jail over this extra profit" so the shareholders will vote him out and pay whatever it takes for somebody that will.
Poorly written headline. 'Charged with fraud' implies criminal charges. There's a technical defense for it - 'charge' can mean criminal or accusation - but it's misleading.
I haven't formed an opinion whether this is a good thing for what it does, or letting them off too easy with the non-prosecution agreement.
I haven't formed an opinion whether this is a good thing for what it does, or letting them off too easy with the non-prosecution agreement.
glenn1
Lifer
- Sep 6, 2000
- 25,383
- 1,013
- 126
The agreement is with the companies, not the officers.
And no opinion about whether they committed fraud or not, but the SEC deciding to make that charge against a company officer is pretty much always a political decision. Otherwise lying sacks of shit like Patrick Byrne of Overstock.com would be in jail for his repeatedly false financials, the "Sith Lords" comments and all the other BS he's spouted over the years.
these people should be forced to be slaves for the rest of there lives. making no money working 80+ hours a week, just getting basic stuff given to them, have all their money taken away, no contact with anyone they know,...
Their life should be over but they should have to live and forced to give as much back as they can till they die.
Their life should be over but they should have to live and forced to give as much back as they can till they die.
hal2kilo
Lifer
- Feb 24, 2009
- 24,150
- 10,837
- 136
The casino bets would come to a screaching halt. Investors might think about ..... here it comes.... investing!
Last edited:
kage69
Lifer
- Jul 17, 2003
- 28,604
- 39,931
- 136
Feh. Obama needs to get a clue, with malfeasance like this surely some Freedom medals are in order for these CEOs! That's the real way to reward people for not doing their jobs while squeezing some PR out of it all.
Next maybe Newt will give the taxpayers back all the consulting money he got from these scammers.
The repeal of Glass-Steigall act did not cause the issuing of mandates for federal backed loans for anyone with a pulse to buy a home, neither did it create the government sponsored Fannie and Freddie entities which went hog wild on issuing toxic home loans, neither did it expand the size and scope of government or promote government's bloated spending habits which hinge on keeping everyone spending beyond their means rather then moderately saving for rainy day, etc.
In fact one can easily argue that Glass-Steigall was just another knee-jerk reaction mandate that stemmed from Great Depression which was precipitated by another set of government actions. Such as government contracting the money supply without offering banks any form of liquidity, along with price stabilization policies of the 20's, etc and still others could argue further that it was government's easy credit polices that lead to the Great Depression and fostered and supported reckless actions by banks and prevented government from offering up any means to "re-inflate the bubble" as people lost faith in our banks and government's ability to prop up the economy.
Last edited:
werepossum
Elite Member
- Jul 10, 2006
- 29,873
- 463
- 126
I tend to agree with that, except that Glass-Steigall was written specifically to isolate one major financial sector from another to ensure that never again could a crash in one sector take down our whole economy. Ever since the end of the Great Depression we've been sniping away at it, finally killing its tattered remains under Clinton, and barely a decade later we have the crash Glass-Steigall was written to avoid. Coincidence?
Dodd and Frank have more on their heads than their bill - they were most responsible for making sure that the GSEs' irresponsible behavior was not corrected in time to avoid the crash. But the roots of the problem go back to the Carter era, when the GSEs' historic role in providing credit to those who could afford a house began being shifted into a program to help people who could not afford a house. During that time we've had Presidents and Congresses of both parties; both thought it was a good idea and continued to provide HUD with ever more stringent targets. So while I welcome these civil suits, these executives were merely one piece of a puzzle that includes both parties, our banks and mortgage companies, appraisers, the bond market - literally a whole panoply raging from well-intentioned politics to purest human greed - and these suits are merely addressing one small component of the mess. If we focus too closely on any one small part, we're likely to repeat the whole mess.
Last time I checked that was a Republican sponsored Bill which Clinton jumped on board and signed without knowing the total ramifications. Gramm-Leach-Bliley Act.
http://en.wikipedia.org/wiki/Gramm–Leach–Bliley_Act
blackangst1
Lifer
- Feb 23, 2005
- 22,902
- 2,359
- 126
How is that against the law? Unfortunately you cant prosecute stupidity. In that same vein, impeach Obama!
I agree this is good news though.
werepossum
Elite Member
- Jul 10, 2006
- 29,873
- 463
- 126
You're right, it was a Republican-sponsored bill. Although this deregulation has been bipartisan, the Republicans are worse about it than are the Dems.
Ausm, would you mind improving the article's headline to '... sues for fraud'... instead of '...charges with fraud...'?
First
Lifer
- Jun 3, 2002
- 10,518
- 271
- 136
Odd you still cite a thread you were so thoroughly embarrassed in. To each their own, lol.
TRENDING THREADS
-
Discussion Zen 5 Speculation (EPYC Turin and Strix Point/Granite Ridge - Ryzen 9000)- Started by DisEnchantment
- Replies: 20K
-
Discussion Intel current and future Lakes & Rapids thread- Started by TheF34RChannel
- Replies: 23K
-
Discussion Intel Meteor, Arrow, Lunar & Panther Lakes Discussion Threads
- Started by Tigerick
- Replies: 12K
-
Discussion Speculation: Zen 4 (EPYC 4 "Genoa", Ryzen 7000, etc.)- Started by Vattila
- Replies: 13K
-
Facebook
Twitter