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(CNN)   Big Banks guilty of rape and pillage? How could that possibly be so? They seemed so nice when we bailed them out for the last rape and pillage   (money.cnn.com) divider line 26
    More: Obvious, Canary Wharf, Consumer lending, criminal investigation, interest rates, financial services, Yale Law School, redistribution  
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2115 clicks; posted to Business » on 12 Mar 2012 at 7:13 AM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-03-12 01:02:38 AM  
The REAL question is, if a woman is raped by a bank and becomes pregnant, should she be required to have the resulting child? Would the bank be liable for child support? What would a half bank child look like? Would that child have the same rights as a corporation or just a regular pleebe?
 
2012-03-12 05:14:43 AM  
Why are you so against the free market?
 
2012-03-12 06:33:56 AM  
Just a thought, what if ...

...instead of bailing out the banks the next time they screw up (you know it's going to happen), you let the banks fail, and bail out the people / businesses who would otherwise go down with them?
 
ZAZ [TotalFark]
2012-03-12 07:28:52 AM  
Uncle Tractor

I think the problem is the "goodwill" value of the bank. People will do business with "Bank of America" because they trust the name and it has a good reputation.

I'm actually serious here, but I can wait until you stop laughing.

Done?

Established companies get more business than new names. Bailing out a business that has positive cash flow aside from some bad investments can be cheaper than breaking it up.

That's short term thinking. Long term thinking says it costs us more now to liquidate the bank and ban the top 1,000 executives from the financial business for 5 years, but we might scare the rest straight.
 
2012-03-12 07:33:32 AM  
You should fell blessed, it's a gift from God.
 
2012-03-12 07:42:04 AM  
Bank executives should be declared traitors and shiat on sight
 
2012-03-12 07:42:33 AM  

Ambivalence: The REAL question is, if a woman is raped by a bank and becomes pregnant, should she be required to have the resulting child? Would the bank be liable for child support? What would a half bank child look like? Would that child have the same rights as a corporation or just a regular pleebe?


Don't be silly. That could never happen because banks aren't people. Right? Right?
 
2012-03-12 07:48:26 AM  

Uncle Tractor: Just a thought, what if ...

...instead of bailing out the banks the next time they screw up (you know it's going to happen), you let the banks fail, and bail out the people / businesses who would otherwise go down with them?


Because that would gave been much more expensive and much less efficient and effective.

Shiat, the govt forced bailouts on some fin institutions because they thought it was the most efficient way of dealing with the crisis.
 
2012-03-12 08:46:43 AM  
Huh. I'm used to reading US-based stuff on fark and translating it into Australian, so I'd figured out that the federal funds rate was the equivalent to my local cash-rate: both are the rate at which banks lend to each other overnight and are manipulated by the relevant central banks to achieve the headline "interest rate" you see in the papers. I knew the LIBOR was the UK version of the rates at which banks lend to each other ... so I assumed it was also manipulated by the relevant central bank (Bank of England in this case).

Apparantly not. Turns out the Bank of England sets "the interest rate" by lending directly to banks at the headline rate. But ... since the BoE doesn't manipulate the LIBOR, wasn't it farking obvious that someone could easily step into the power vacuum?

Hundreds of financial instruments are based off this rate, including monetary policy for entire countries (e.g., Switzerland refers to 3-month LIBOR rates when setting local rates). And no-one wondered about the power vaccuum being a potential issue?

I am honestly dumbfounded by the naivety (stupidity?) of financial-regulators. Actually, I'm also amazed it's taken 15 years for it to be a noticeable issue. I'd have thought the big-banks would've had their fingers in it from day one.
 
2012-03-12 08:55:48 AM  

Ambivalence: The REAL question is, if a woman is raped by a bank and becomes pregnant, should she be required to have the resulting child? Would the bank be liable for child support? What would a half bank child look like? Would that child have the same rights as a corporation or just a regular pleebe?


Ridiculous question, banks are clearly female ... think black widow spiders.

/I have "Female of the species [is more deadly than the male]" stuck in my head now, aaargghh!
 
2012-03-12 09:38:49 AM  
farm4.staticflickr.com

Nothing's changed.
 
2012-03-12 10:01:30 AM  

Uncle Tractor: Just a thought, what if ...

...instead of bailing out the banks the next time they screw up (you know it's going to happen), you let the banks fail, and bail out the people / businesses who would otherwise go down with them?


Bill Clinton had a unique view of the bailouts- I wish I could find the link. He said something along the lines of, "Instead of bailing out the banks, I'd write down the underwater portion of people's mortgages. Instantly, Americans wouldn't be underwater in the mortgage, they wouldn't be inclined to walk away or get foreclosed on, and the money would STILL make its way to the banks."

Fark big banks. Use your local credit union.
 
2012-03-12 10:42:20 AM  
Pillage Pillage. Loot Loot.
 
2012-03-12 12:12:22 PM  

MBrady: Did 0bama promise the American people that this wouldn't happen?


I don't remember him making any specific promises about the United Kingdom's interest rates, but I suppose we can blame him for that too.
 
2012-03-12 01:08:03 PM  

Lost Thought 00: Bank executives should be declared traitors and shiat on sight


Tell me more...
 
2012-03-12 01:29:24 PM  

Lost Thought 00: Bank executives should be declared traitors and shiat on sight


Can we include tax payer supported "Green Energy" excutives and investors/Obama money bundlers?

Bonuses given after raises at Solyndra (new window)

After Layoffs, Execs Get Big Raises at Taxpayer-Funded A123 (new window)
 
2012-03-12 01:47:08 PM  
What's in your wallet?
 
2012-03-12 01:52:59 PM  
A note to our customers:

After many years serving the community, Walkoveryou bank has been acquired. We are now known as Wellfukuthen bank.

It is our hope you will continue to service us in the future.
 
2012-03-12 02:08:18 PM  
"To the extent that the banks were colluding to manipulate these rates, everyone was harmed and the public trust was violated."

What part of the financial system does the public "trust".

My landlord was telling me of the old system of Chinese stocks used in the case of theft from another villager. You wouldn't have to stand in them like the stocks you see in the movies. These stocks had the prisoner sit with the head and hands placed at a distance so they couldn't be moved. The prisoner would have to count on the good will of the other Villagers for food and water. The length of time in the stocks was determined by how much the prisoner had stolen.

/just saying.
 
2012-03-12 02:49:13 PM  
Can you at least be honest when you're stealing my money??
At least I'll know where it's gone and can work on replacing it.
 
2012-03-12 04:08:09 PM  
Yes but it was a love rape.

/Yes it's a Yellowbeard reference
 
2012-03-12 05:29:18 PM  

Lost Thought 00: Bank executives should be declared traitors and shiat on sight


That just might be the most awesome word choice ever.
 
2012-03-12 05:42:11 PM  
I worked at a conservative, small bank (only chartered in a couple states). It did not receive any assistance from the feds, and was poised to really do great business during the meltdown. as all of their competitors were in serious trouble, their conservative lending philosophy had protected them from the worst swings of the meltdown.

since I assumed they were not unique, I supported the notion of letting the super banks to fail (or at least suffer the unchecked consequences of their inability to properly assess risk)

unfortunately, since the bailouts, the top 5 banks are now more powerful than ever before and it will be increasingly difficult for the small time conservative banks to offer any competition... ultimately resulting in a worse experience for the conventional banking customer.

/ quit the banking industry... not a fun world. but, no i work for a firm doing commercial litigation and bankruptcy, so i guess that's my way of saying f-you banks. also, not a fun world
 
2012-03-12 09:11:45 PM  
You said pillage twice.
 
2012-03-13 01:33:03 PM  

Debeo Summa Credo: Uncle Tractor: Just a thought, what if ...

...instead of bailing out the banks the next time they screw up (you know it's going to happen), you let the banks fail, and bail out the people / businesses who would otherwise go down with them?

Because that would gave been much more expensive and much less efficient and effective.

Shiat, the govt forced bailouts on some fin institutions because they thought it was the most efficient way of dealing with the crisis.


And because if you only gave the bailouts to the banks that actually needed it, there'd be mass hysteria. If all giant banks have to take $, then nobody has any real reason to leave 1 for another. If you're going to do a bank bailout, that's the way to do it.
 
2012-03-13 04:36:03 PM  

LL316: Debeo Summa Credo: Uncle Tractor: Just a thought, what if ...

...instead of bailing out the banks the next time they screw up (you know it's going to happen), you let the banks fail, and bail out the people / businesses who would otherwise go down with them?

Because that would gave been much more expensive and much less efficient and effective.

Shiat, the govt forced bailouts on some fin institutions because they thought it was the most efficient way of dealing with the crisis.

And because if you only gave the bailouts to the banks that actually needed it, there'd be mass hysteria. If all giant banks have to take $, then nobody has any real reason to leave 1 for another. If you're going to do a bank bailout, that's the way to do it.


Right.
 
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