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Retribution Against the Financial Elite


A Columbia MBA who understands the value of hard work, and strongly feel entrepreneurship is the backbone of our country. Yet Wall Street is not "business" its something onto itself and its a mechanism for destroying our economy at the expense of many and the benefit of a few. Its a "heads I win, tails you lose" world that is now 40% of corporate profits in the US. In the hands of the few. Add in hedge funds and private equity and you have a country where the .01% control half the country's wealth, completely on the back of the middle class. They create bubbles to extract wealth and lose little in the recessions that follow all while paying the lowest percentage taxes in the US. My plan:

1. Reinstate Glass-Steagall Act to make it so FDIC insured deposits are not at risk.
2. Reign in derivatives and toxic compensation that rewards unproductive risk taking and trading
3. Require cash reserves as a percentage of revenues at major banks (beyond Basel iii). Banks pay over 56% of their profits to their bankers, under the false rationale of “retaining talent.” If the banks kept cash TARP would never have had to occur.
4. Banks can “lever-up” up to 35 times. This should be reduced to 15-1 or less. The risk is equivalent to having $1000 and being able to go to a casino with $35,000.
5. Require derivatives to be traded through exchanges and new derivatives to enter exchanges

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