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(New Europe)   The European Union needs to stand up to "blackmail" by banks if it is to get itself out of the current economic crisis and create a fairer market system   (neurope.eu) divider line 20
    More: Interesting, crisis, Anglo-American, European integration, German Chancellor, countries in europe  
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799 clicks; posted to Business » on 19 Feb 2013 at 9:10 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-02-19 08:19:13 AM
No obvious tag?

If it weren't for bankers and lawyers being given the respect they ask for as opposed to the scorn they deserve, the world would be a better place.

There's a reason they have a lot of money and power. They do good deeds in theory. But much like a barber whose job it is to shave your neck in privacy with a straight razor, there must be a system of punishments and accountability so harsh they'd never think to cut you for fear of the unholy retribution and vengeance that would rain down from the iron gauntleted fist of the law.

Right now, they have the opposite of that.
 
2013-02-19 08:58:31 AM
1.bp.blogspot.com
 
2013-02-19 09:20:59 AM
Did we just go back in time to the early 1930's?
 
2013-02-19 09:51:08 AM
The European Union Earth needs to stand up to "blackmail" by banks if it is to get itself out of the current economic crisis and create a fairer market system

FTFY
 
2013-02-19 10:36:58 AM
do they really think that they will escape the masses?
 
2013-02-19 10:56:58 AM
I dont see hiw this is possible since britain loves them and has nukes.
 
2013-02-19 11:34:04 AM
Huh, imagine that, in response to the world financial system becoming unstable, someone tries to do something to stabilize it, which doesn't involve leaving everything pretty much the same way it was before.  I hope our government is taking notes, but I doubt it.


//I wonder if the financial collapse and Enron, et al, were reversed in time.  Would Bush have signed legislation that closed the loopholes that allowed the situation to happen in the first place, i.e. Sarbanes-Oxley for the crisis, and would Obama have still signed a law that sounds good, but doesn't seem to slam the window in quite the same way, i.e. Frank-Dodd for the accounting shenanigans?
 
2013-02-19 11:43:03 AM

snuffy: do they really think that they will escape the masses?


Pretty much this.
 
2013-02-19 12:25:40 PM

I recommend reading Matt Taibbi's latest at Rolling Stone:

dl.dropbox.com

Gangster Bankers: Too Big to Jail
How HSBC hooked up with drug traffickers and terrorists. And got away with it

"They violated every goddamn law in the book," says Jack Blum, an attorney and former Senate investigator who headed a major bribery investigation against Lockheed in the 1970s that led to the passage of the Foreign Corrupt Practices Act. "They took every imaginable form of illegal and illicit business."

That nobody from the bank went to jail or paid a dollar in individual fines is nothing new in this era of financial crisis. What is different about this settlement is that the Justice Department, for the first time, admitted why it decided to go soft on this particular kind of criminal. It was worried that anything more than a wrist slap for HSBC might undermine the world economy.

"Had the U.S. authorities decided to press criminal charges," said Assistant Attorney General Lanny Breuer at a press conference to announce the settlement, "HSBC would almost certainly have lost its banking license in the U.S., the future of the institution would have been under threat and the entire banking system would have been destabilized."
 
2013-02-19 12:25:54 PM
Yeah, well join the club, EU.
 
2013-02-19 01:21:56 PM
I think the key is that we must, at some point, come past the whole 'stability is gold' metaphor. Yes, Markets will be destabilized. But bad actors need to be purged from the system before they contaminate the system and make corruption systemic. Why is banking and investment the only area to be immune from 'creative destruction' ?
 
2013-02-19 02:48:56 PM

rubi_con_man: I think the key is that we must, at some point, come past the whole 'stability is gold' metaphor. Yes, Markets will be destabilized. But bad actors need to be purged from the system before they contaminate the system and make corruption systemic. Why is banking and investment the only area to be immune from 'creative destruction' ?


The key to doing a lot of drugs is to not do them all at once.
 
jvl
2013-02-19 05:41:00 PM

minoridiot: Did we just go back in time to the early 1930's?


Yes, except that Germany is fresh out of Jews.
 
2013-02-19 05:48:49 PM

jvl: minoridiot: Did we just go back in time to the early 1930's?

Yes, except that Germany is fresh out of Jews.


No, it's OK. Europe has Muslims now.
 
jvl
2013-02-19 06:07:37 PM

TopoGigo: jvl: minoridiot: Did we just go back in time to the early 1930's?

Yes, except that Germany is fresh out of Jews.

No, it's OK. Europe has Muslims now.


Even the Germans can't pretend the Muslims are secretly in charge of anything important.
 
2013-02-20 04:15:57 AM
So what do we actually DO about all these entitled bastard bankers from Planet F*ck You I Got Mine AND Yours Too You Peons?

Push 'em outta those skyscraper windows?
 
2013-02-20 05:50:27 AM

Kittypie070: So what do we actually DO about all these entitled bastard bankers from Planet F*ck You I Got Mine AND Yours Too You Peons?

Push 'em outta those skyscraper windows?


upload.wikimedia.org
 
2013-02-20 10:24:11 AM

Kittypie070: So what do we actually DO about all these entitled bastard bankers from Planet F*ck You I Got Mine AND Yours Too You Peons?

Push 'em outta those skyscraper windows?


No, find the ones that actually broke laws, charge them accordingly, and remove the profits they and their companies gained from illegal activities, adding on a punitive fine.  Additionally, figure out exactly how the ones that took advantage of the system, but did so legally, were able to contribute to the financial collapse (assuming it is not already well understood) and put in place controls and consequences to reduce the likelihood of the same issue occurring or at least lessen the impact of a similar situation.
 
2013-02-20 12:21:12 PM
Oh dude. :(

"Punitive fines" are pocket change to these people. The equivalent of a handful of nickels.

Press charges?? How, when they can buy a dozen judges and a gallon jar of lawyers as easily as any of us little people can buy a dozen eggs and a jar of pickles?

We already KNOW who these people are.

It's blatantly obvious.
 
2013-02-20 07:54:02 PM
The Tim geithners of the world own us.
 
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