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Tony August 23rd, 2014 01:52 AM

Screwed By The Banks...
 
Up the Irish! Okay, no more "Irish jokes"...well, some of 'em, anyway.

I commented a couple of times here on DTT as to "why" The Banks and Wall Street were bailed out and NOT the poor homeowner that was going into foreclosure. In part, this guy was pushing the limits with the interview.

Good on ya, mate!

https://www.youtube.com/watch?v=pCHu1kRT6hU

nuttyjoe August 23rd, 2014 09:20 AM

Tony; I've long felt that one of the biggest problems behind cleaning up the housing crisis was that nobody has been held to account for it! Yes; we've had some record settlements. But, that only sends the message that it is not a crime to commit financial fraud on a grand scale. It underlies the message that "money rules all".
This must change! We should have sent the message that one's money (or their corporation's money does not put them above the law. And we should have done this do this by perp-walking a few of these vultures on national television in their Brooks Brothers or Armani suits in handcuffs and leg irons. We still should! A much stronger message would be sent!

TNVolunteer73 August 23rd, 2014 11:53 AM

Quote:

Originally Posted by nuttyjoe (Post 705948)
Tony; I've long felt that one of the biggest problems behind cleaning up the housing crisis was that nobody has been held to account for it! Yes; we've had some record settlements. But, that only sends the message that it is not a crime to commit financial fraud on a grand scale. It underlies the message that "money rules all".
This must change! We should have sent the message that one's money (or their corporation's money does not put them above the law. And we should have done this do this by perp-walking a few of these vultures on national television in their Brooks Brothers or Armani suits in handcuffs and leg irons. We still should! A much stronger message would be sent!

Taxpayers were held in account, and paid the price. Government took our money to bail out banks to the tune of 1700 billion dollars.

nuttyjoe August 23rd, 2014 01:22 PM

Quote:

Originally Posted by TNVolunteer73 (Post 706011)
Taxpayers were held in account, and paid the price. Government took our money to bail out banks to the tune of 1700 billion dollars.

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!

Tony August 23rd, 2014 02:48 PM

Quote:

Originally Posted by nuttyjoe (Post 705948)
Tony; I've long felt that one of the biggest problems behind cleaning up the housing crisis was that nobody has been held to account for it! Yes; we've had some record settlements. But, that only sends the message that it is not a crime to commit financial fraud on a grand scale. It underlies the message that "money rules all".
This must change! We should have sent the message that one's money (or their corporation's money does not put them above the law. And we should have done this do this by perp-walking a few of these vultures on national television in their Brooks Brothers or Armani suits in handcuffs and leg irons. We still should! A much stronger message would be sent!

Retribution? Think about this: how many mafia dons were screwed??? Were any bankers brave enough to try it?

nuttyjoe August 23rd, 2014 04:32 PM

I'm not seeking retribution. I seek the accountabilty for the reckless behavior that almost plunged this whole world into another depression! Some jail sentences would help along that track; but it would help more by deterring others not to seek profit in such a manner.
I'm all for making money. I think that in this case; if laws were broken; then offenders have to be punished! These fines and settlements have not done that- nor will they!
Some jail time would send a message more loudly and more clearly that this behavior will not be tolerated- much more than some silly fine that the individuals will not even have to pay. The corporate entity will.
As long as this remains the status quo; who is to say that this same scenario will not occur again tomorrow, the next day, or at some other point in the future?
The only lesson learned here by these banks was to find another way to commit the financial fraud!

Tony August 23rd, 2014 04:34 PM

Quote:

Originally Posted by TNVolunteer73 (Post 706011)
Taxpayers were held in account, and paid the price. Government took our money to bail out banks to the tune of 1700 billion dollars.

In other words:

"Taxpayers were held in account, and paid the price. Government took our money to bail out banks to the tune of 1700 brand spanking new hospitals."

:blink:

BubbaJones August 24th, 2014 06:42 AM

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 ..................

Tony August 24th, 2014 06:56 AM

Quote:

Originally Posted by BubbaJones (Post 706492)
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 pound of flesh is just retribution. Still, what needs to happen is severe fiscal consequence...like with big tobacco...asbestos...oil spills...etc.

nuttyjoe August 24th, 2014 08:15 AM

Quote:

Originally Posted by Tony (Post 706507)
The pound of flesh is just retribution. Still, what needs to happen is severe fiscal consequence...like with big tobacco...asbestos...oil spills...etc.

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 paidd 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(s) have not been personally held accountable for his actions; and thus have no reason to change this 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 just be under a different name!


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