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Old August 24th, 2014, 02:11 PM   #11
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You might have missed the point here, Tony. Those "severe financial consequences" which you spoke of (which I take to mean fines; which result in settlements) are what we have now. And they are worthless; because they do not hit the individual- they are padded by the corporate entity.
If I were to fine you 200 billion dollars; I'm assuming that it would sting a bit, correct?
Now, just how much would you even feel that "sting" if your neighbors paid that fine for you? And will continue to pay any subsequent fines?
This is what has happened in that financial debacle- the individual has not been personally held accountable for his actions; and thus has no reason to change his behavior! The bad press that many of the bankers and Wall Street bigwigs got was merely a mosquito bite at best. It only has the effect of making them look for yet another way- in search of more and more profit- to perpetrate another mass fraud on the American people! The only thing I'm sure of is that it will happen again someday; it will jjust be under a different name!
No, I got it, Joe...I mean besides the "pound of flesh" as far as prison goes. Sure, prosecute individuals...but get punitive damages,too...
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Old August 24th, 2014, 02:40 PM   #12
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The banks paid all the money back plus interest. The government made a profit on TARP. Now cheap money via the Fed is a different issue. Nuttyjoe is correct, prison time is the only measure that will deter those maniacs. P.S.: The U.S. Government allocated more money to bail out foreign banks than they did U.S. banks. Few people understand that.
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Old August 24th, 2014, 02:44 PM   #13
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The banks paid all the money back plus interest. The government made a profit on TARP. Now cheap money via the Fed is a different issue. Nuttyjoe is correct, prison time is the only measure that will deter those maniacs. P.S.: The U.S. Government allocated more money to bail out foreign banks than they did U.S. banks. Few people understand that.
Nope.. Banks got 1700 billion dollars and have only paid back ~400 billion.

they still owe 1300 billion dollars.
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Old August 24th, 2014, 02:47 PM   #14
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The banks are now way too big. They need to be downsized before the next crisis, or we will be in deeper than 2008. Way deeper.


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Old August 24th, 2014, 03:11 PM   #15
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Nope.. Banks got 1700 billion dollars and have only paid back ~400 billion.

they still owe 1300 billion dollars.
Nope...they still owe 1300 hospitals.
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Old August 24th, 2014, 05:42 PM   #16
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I get your point; but the simple fact is that not one of those most responsible for the housing crisis; and nearly a world-wide depression were! All those financial settlements did was underline the fact that financial crimes can be overlooked. That one cannot be jailed for them. Okay, you'll get some bad press and a congressional hearing; but that's it!
As a practical matter after the fact- I don't blame Bush or Obama for the bailout of the banks. It had to be done. Where I did have the problem with Bush was that the bailout originally had no requirements for financial institutions that recieved the money to lend out the money (at least a decent percentage) of that taxpayer money! I can't blame Obama for that problem- it started before he was sworn in in January 2009. I do blame Obama in that; as I've said before- that nobody has been held to account for this "financial fraud on a grand scale."
The only lesson that we've learned here is that despite what Congress says; that the American taxpayer can and will bear the brunt of the hardship when this happens again. There has been no lesson taught to underline the fact that behavior is not okay; and will be severely punished!
Why did they have to be bailed out?

Do you really think that if they hadn't gotten that $400 billion to boost their capitalization that the global economy would have collapsed?
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Old August 25th, 2014, 03:19 AM   #17
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Why did they have to be bailed out?

Do you really think that if they hadn't gotten that $400 billion to boost their capitalization that the global economy would have collapsed?
The American banking system is the lifeblood of the world economy; that's why it had to be bailed out then. If another such crisis develops; it will have to be bailed out again!
Forget about what you hear politicians say: in such another situation; they will vote for another taxpayer-funded bailout!
My biggest issue was that there was no requirement for the banks to lend out the money (at least a decent percentage of it). All this did was create that "credit freeze".
America is a credit driven economy; citizens pay for high-ticket items like homes, cars, furniture; and more with credit. Many companies use a rolling line of credit with banks for operating costs, payroll; and other costs.
That credit freeze- in and of itself- probably was the cause of two percentage points of the unemployment rate at the 2009 level.
I don't claim to be some world renowned economist. These are just my personal observations. Obviously, you all will have your own views.
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Old August 25th, 2014, 03:26 AM   #18
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The banks are now way too big. They need to be downsized before the next crisis, or we will be in deeper than 2008. Way deeper.


I agree with you here; Ex. Allowing 5 or 6 banks to grow to such a level gives them ownership over a whole vital segment of American life. With that much power; they could dictate monetary policy; and would do so.
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Old August 25th, 2014, 08:36 AM   #19
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Nope.. Banks got 1700 billion dollars and have only paid back ~400 billion.

they still owe 1300 billion dollars.
You're gonna have to provide some proof there TN !!

TARP was a $700 billion dollar program. Well actually it was $850 Billion after the republicans in the house added $150 Billion in pure unmitigated pork in exchange for their votes. Unless your Alzheimer's ifs acting up, you should remember it failed the first vote without the pork. Then, a couple of days and $150 billion dollars later, magically it passes the house.

Most of the banks (those not in trouble) never used their TARP money and repaid it as soon as they were allowed. Last time I checked only Citibank, the very people that started this entire mess, had not repaid their money. That was a little under $40 billion. The only other loss was the $10 billion write off they took on the GM deal.

So please explain the $1.7 TRILLION dollar figure you've been tossing around !! And explain how they still owe almost TWICE the price of the original program ?????????????? You'll need to provide some links !
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Old August 25th, 2014, 09:24 AM   #20
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The SCOTUS says corporations are people too, so WHY do they get off with relatively small fines ???? PEOPLE made the decisions. PEOPLE engaged in unethical and illegal behavior. PEOPLE profited from those illegal and unethical behaviors. But now that it's time pay the piper, the "corporation" gets punished. NOT the people the committed the crimes. They get to hide behind corporate shield laws. They are never charged with any crime. The corporation pays a fine but admits no wrong doing ??? But promises not to do it again in the future.

I think the CEO and Board of Directors should be the FIRST PEOPLE hauled out in hand cuffs. As someone else said perp walkin them and their Armani suits to waiting squad cars for all the world to see on the evening news, would do a world of good. Once the PEOPLE that run these companies realize THEY are the ones that will go to jail, the behavior will change. Until then ..................
The CEO and CFO personally sign the tax returns and other documents. They could be charged personally if Obama's DOJ chose to, instead of allowing them to buy their way out with other people's money.
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