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Forum Post: Bank Regulators: All Banksters Are Doing It, So It's O.K.

Posted 12 years ago on July 9, 2012, 1:21 p.m. EST by enough (587)
This content is user submitted and not an official statement

http://www.rollingstone.com/politics/blogs/taibblog/new-york-times-gretchen-morgenson-applaud-british-issue-challenge-to-american-regulators-20120709

7 Comments

7 Comments


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[-] 2 points by shadz66 (19985) 12 years ago

Bank(st)ers can and will still make profits - as they have done for centuries - but people should have an opportunity to bank with ethical (& perhaps publicly owned) banks. The best ethical practices should be present in the 'market place' and should be promoted, incentivised and rewarded 'in the market place' so we the people - 'The 99%' - can make informed choices and perhaps only 'Publicly Owned Banks' can do this - which is exactly why The Infernal Banksters will fight this idea tooth and nail !!!

Further, some other points on the matter of 'Publicly Owned Banks' :

1) Democratic Accountability and Oversight over such behaviour as led to The 2008 Financial Crisis ;

2) Prevention of cultures of 'moral hazard', 'regulatory capture', 'perverse incentives' & 'rewarding greed' ;

3) Profits to be ploughed back into "Society" rather than to 'private shareholders' (Foreign or otherwise) ;

4) Driving out 'bad banking practice' and favour / instil 'ethical' practices and behaviour ;

5) Genuine rewarding of savers - NOT fleecing them and driving them towards 'sharks' ;

6) A far more fair, rational, longer-term & more socially responsible outlook for lending ;

7) Reigning in dubious practices ("Innovative Financial Products" - CDOs, CDS's, 'Mortgage Backed Securities', et al & outright fraudulent behaviour - Bernie Madoff / Jon Corzine / MF Global, et al) ;

8) Re-instilling Public Confidence by Accepting / Realising that Banking & Financial Services can NOT just be left to 'Selfish Short-Term Profit Motives' ;

9) Have you ever heard of The State Owned "Bank Of North Dakota" ? IF NOT, why not d'you think ? ( http://en.wikipedia.org/wiki/Bank_of_North_Dakota and http://banknd.nd.gov/ ) ;

10) Reintroduction of 'Glass Steagal' ; Separate retail services from 'investment / merchant banking' !!!

Of course there is some degree of overlap in my points and almost guaranteed that one could argue the toss, so from a purely US perspective - something more substantial to read, reflect and ruminate upon :

fiat lux ...

↥twinkle ↧stinkle reply
[-] 2 points by enough (587) 12 years ago

All great ideas. You saved the best for last: Restore Glass Steagall. It's a no-brainer but our bought-off elected officials are too corrupt to do it.

↥twinkle ↧stinkle reply
[-] 2 points by shadz66 (19985) 12 years ago

A recent Nomi Prins article pertinent to your comment :

fiat justia ...

↥twinkle ↧stinkle reply
[-] 2 points by shadz66 (19985) 12 years ago

@ 'enough' : Re. Banks, Banking and Banksters and further to the 'forum-posted link' above :

e tenebris, lux ...

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[-] 2 points by enough (587) 12 years ago

You can add Max Keiser to the list: http://maxkeiser.com/

The Libor mega-scandal which has blown up sky high in Great Britain will be washing up to our shores here in the U.S. All of the big Wall Street banks will be implicated in the conspiracy to set Libor bank rates. Almost every form of credit from mortgages to credit cards to savings rates are tied to Libor and, therefore, affects almost everybody.

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[-] 3 points by shadz66 (19985) 12 years ago

Max Keiser has absolutely been ahead if the curve re 'The Global Insurrection Against Bankster Occupation' and I also append the following :

ipsa scienitia potestas est ...

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[-] 1 points by shadz66 (19985) 12 years ago

The Clear Cartel Behaviour with respect to 'LIBOR' could become an extreme wedge issue and an unstoppable force, as 'They' may have torpedoed themselves below the water line on this one & thus I append herewith :

ad iudicium et fiat justitia ruat caelum ...

↥twinkle ↧stinkle reply