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"The new law creates a chance to put a tough cop on the beat and provide real accountability and oversight of the consumer credit market,"
I am sure the big banks are shaking in their boots.
Real accountability, please tell me Ms Warren how the federal Government is going to hold a bank with a couple hundred billion in holdings accountable?
Are you going to fire the entire Board of Directors?
Are you going to fine them a couple million that they earn in an hour or two?
What exactly is real accountability?
The truth is Ms. Warren the big banks are your boss. You have no authority to hold them accountable.
The only accountability is to eliminate too big to fail. The big banks operate as if there is no risk to them.
The real problem is that Wall Street dances to the drummers in Saudi Arabia, Abu Dhabi, Singapore and Peking.
I suggest one way to discipline Wall Street banks and investment companies would be to hold the officers and board members responsible for corporate failure to the full extent of their personal fortunes for at least five years after they leave the company. This would discourage economically risky behavior.
"The new law creates a chance to put a tough cop on the beat and provide real accountability and oversight of the consumer credit market,"
I am sure the big banks are shaking in their boots.
Real accountability, please tell me Ms Warren how the federal Government is going to hold a bank with a couple hundred billion in holdings accountable?
Are you going to fire the entire Board of Directors?
Are you going to fine them a couple million that they earn in an hour or two?
What exactly is real accountability?
The truth is Ms. Warren the big banks are your boss. You have no authority to hold them accountable.
The only accountability is to eliminate too big to fail. The big banks operate as if there is no risk to them.
I posted a thread about this yesterday. A few have already started bashing a woman who is on the side of the consumer against the vultures and Obama for appointing her.
I posted a thread about this yesterday. A few have already started bashing a woman who is on the side of the consumer against the vultures and Obama for appointing her.
The real problem is that Wall Street dances to the drummers in Saudi Arabia, Abu Dhabi, Singapore and Peking.
I suggest one way to discipline Wall Street banks and investment companies would be to hold the officers and board members responsible for corporate failure to the full extent of their personal fortunes for at least five years after they leave the company. This would discourage economically risky behavior.
Madoff had his personal fortunes dismantled but he actually broke the law. Unless they break the law what are you holding them accountable for? How is taking their personal fortunes justified?
Remember the financial crisis had nothing to do with illegal activities just very risky activities. Unfortunately the banks beared none of the risk only the consumers did. Until the Banks start bearing their own risks there will be no accountability.
Who will the protection come from? Are you suggesting that the thievery should continue unaddressed?
You may not like my answer but there are two places it would come from:
1) Why did Banks in Canada not fail? It was not because of fruitless regulations preventing them from taking risks it was because they knew if they took stupid risks, in a BS American housing boom, they would be doomed.
American banks - now more then ever still believe and conduct business as if they have the full backing of the US treasury. Imagine that! They pass all the risk on to us. That has to stop and the only way to stop it is to push the risk back on them.
2) We have to put some, not all, of the onus on the consumers- us.
Post melt down I hope consumers have gained some wisdom. Start questioning your financial advisors more. If you do not know about something get second and third opinions. If money is important to you treat it like it is important to you. If you are going to gamble for yields way ahead of the curve you better understand you can lose. Diversify.
I know it may sound harsh but it is the only way to prevent mayhem from striking the financial system again. There will be economic downturns from time to time regardless but their severity can defintiely be reduced.
National Post editorial board: Canadian banks should be studied, not taxed - Full Comment (http://network.nationalpost.com/NP/blogs/fullcomment/archive/2010/05/05/national-post-editorial-board-canadian-banks-should-be-studied-not-taxed.aspx - broken link)
You may not like my answer but there are two places it would come from:
1) Why did Banks in Canada not fail? It was not because of fruitless regulations preventing them from taking risks it was because they knew if they took stupid risks, in a BS American housing boom, they would be doomed. American banks - now more then ever still believe and conduct business as if they have the full backing of the US treasury. Imagine that! They pass all the risk on to us. That has to stop and the only way to stop it is to push the risk back on them.
2) We have to put some, not all, of the onus on the consumers- us.
Post melt down I hope consumers have gained some wisdom. Start questioning your financial advisors more. If you do not know about something get second and third opinions. If money is important to you treat it like it is important to you. If you are going to gamble for yields way ahead of the curve you better understand you can lose. Diversify.
I know it may sound harsh but it is the only way to prevent mayhem from striking the financial system again. There will be economic downturns from time to time regardless but their severity can defintiely be reduced.
Yes, privatize the profits, socialize the losses. Too big to fail my a$$!!!
She should have been vetted by Congress. Another czar with massive power unvetted by the people's elected representatives. Yep, all the transparency the big 0 promised.
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