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Windfalls for Wall Street Executives Taking Jobs in Government
BY SUSANNE CRAIG
People usually say they go into government to perform public service. If they came from Wall Street, however, their former employers often provide another service.
Banks, including JPMorgan Chase, Goldman Sachs and Morgan Stanley, all have provisions that allow acceleration of payments owed to senior executives if they take government jobs, a new study finds.
“These companies seem to be giving a special deal to executives who become government officials,” says the study, to be released Thursday by the Project on Government Oversight. “In exchange, the companies may end up with friends in high places who understand their business, sympathize with it, and can craft policies in its favor.”
The study looked at the compensation policies of several financial institutions.
So we should throw out Wall Street Helicopter Ben and the hundreds of other wall street bankers that infest DC right?
Ohio woman charged with stealing $2.87 in change from fountain says she wanted to buy food
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JPMorgan has shelled out about $11 billion in fines and spent around $16 billion in legal fees in the last few years. "This is just the cost of doing business for these mega banks."
There's the rub. Paying off regulators and settling criminal charges is only supposed to be the "cost of doing business" for criminals. When the FBI goes after the Mafia the stated goal was putting them out of business. There is no specific goal when it comes to cracking down on Wall Street. Only a portion of the settlements collected go[es] to the actual victims.
Remember, as the Cosa Nostra or the narcos consider, such "payoffs" (fines in this case) are just factored in as an expense in order to make a large profit. Remember, Jamie Dimon and his cohorts with their hands on the majority of America's banking money aren't paying a cent from their own pockets. Neither do the dons or the drug kingpins.
Isn't it off that Occupy Wall Street was allowed for a long time to violate Park rules without much hassle from the government.
Yet joggers were given citations, tourists held hostage at Park Hotels, others not allowed to take scenic pictures during the shutdown.
What a bunch of action for the Administrations political agenda.
That's not what I saw.
You forgot who put Obama in Office:
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Top Contributors to Obama
Goldman Sachs $1,034,615
JPMorgan Chase & Co $847,895
Citigroup Inc $755,057
US Government $638,335
US Dept of Justice $540,636
Morgan Stanley $528,182
FBI COLLUDED WITH BIG BANKS TO SPY ON, UNDERMINE ANTI-WALL STREET MOVEMENT
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“These documents show that the FBI and the Department of Homeland Security are treating protests against the corporate and banking structure of America as potential criminal and terrorist activity,” stated Mara Verheyden-Hilliard, Executive Director of the Partnership for Civil Justice Fund (PCJF). “These documents also show these federal agencies functioning as a de facto intelligence arm of Wall Street and Corporate America.”
This is not about OWS anyhow but about our government. Getting Wall Street out of our Government!
Why don't you think they should play by the same rules as the rest of the markets do?
Is it time Wall Street was thrown out of our Government and do you support a protest to do as much?
I think their influence needs to be reduced, but it wouldn't be smart to kick them out completely. Not only would it not be smart, it isn't feasible. I can't say I could support a protest that delusional or that radical. Certainly not if it's going to look even remotely like OWS did.
The Left needs to abandon the idea of leaderless movements. They are almost always a disaster these days. Protests without organized leadership, focus or parameters are foolish. They accomplish nothing. Show me a plan and internal structure and I might support it.
I don't see a protest doing much. We need serious changes. The corporate central control system needs addressing. You have to look at the mechanisms that are allowing siphoning and controlling. There is a need for transparency and personal accountability, as well. Seems monetary reform would also need to be a large part of this.
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