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(Politico)   Wall Street: regulate away, Congress - we'll just hire the regulators to work for us   (politico.com ) divider line
    More: Obvious, Wall Street, influence peddling, United States Department of the Treasury, political philosophy, blue-chips, Cynthia Nixon, Treasury Secretary Hank Paulson, retail banking  
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1262 clicks; posted to Politics » on 09 May 2013 at 12:50 PM (3 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



27 Comments   (+0 »)
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2013-05-09 12:53:39 PM  
Here are your regulators:

t3.gstatic.com

Enjoy Wall Street.
 
2013-05-09 12:54:13 PM  
So what is Lanny Breuer up to these days?
 
2013-05-09 12:58:59 PM  
It's the Cirrrrrrrrcle of Liiiiiiiife...
 
2013-05-09 01:16:18 PM  
And this is considered news?  At least it has the obvious tag....
 
2013-05-09 01:19:58 PM  

FarkedOver: Here are your regulators:

[t3.gstatic.com image 183x275]

Enjoy Wall Street.


I'm sure that those financial geniuses could fix all of our problems.
 
2013-05-09 01:22:16 PM  

DrPainMD: FarkedOver: Here are your regulators:

[t3.gstatic.com image 183x275]

Enjoy Wall Street.

I'm sure that those financial geniuses could fix all of our problems.


You're right.  The free market solves all woes.
 
2013-05-09 01:27:25 PM  
On the one hand, it's pretty concerning that big finance firms (or any big corporation, for that matter) can mess with people's loyalties.  On the other hand, if you're really going to regulate an industry in a meaningful way, you're going to need someone who's been on the inside, and who knows where the loopholes are that are being exploited.  Plus, if you're a regulator, and you decide to quit your regulator position for whatever reason (e.g. your spouse got a job in another city and it's a great opportunity), your new job is probably going to be in the industry you're most familiar with, thus probably with a company you had oversight of.  Unless you set up a special pension so that former regulators don't have to work for a few years after they leave their posts, it would be almost impossible to prevent conflicts of interest.
 
2013-05-09 01:28:53 PM  

FarkedOver: DrPainMD: FarkedOver: Here are your regulators:

[t3.gstatic.com image 183x275]

Enjoy Wall Street.

I'm sure that those financial geniuses could fix all of our problems.

You're right.  The free market solves all woes.


AAAANNNDDDD both straw men are down!
 
2013-05-09 01:29:31 PM  

DrPainMD: FarkedOver: Here are your regulators:

[t3.gstatic.com image 183x275]

Enjoy Wall Street.

I'm sure that those financial geniuses could fix all of our problems.


Doubtful.

From that picture, they don't have nearly enough rope.
 
2013-05-09 01:34:52 PM  

Arkanaut: FarkedOver: DrPainMD: FarkedOver: Here are your regulators:

[t3.gstatic.com image 183x275]

Enjoy Wall Street.

I'm sure that those financial geniuses could fix all of our problems.

You're right.  The free market solves all woes.

AAAANNNDDDD both straw men are down!


Well was I supposed to respond seriously to him?
 
2013-05-09 01:41:05 PM  
Tell (and follow through with) regulators they will get 5% of every successful fine tax free, 10% if they convict someone of fraud. 10% of a 1 Billion dollar fine = 100 million dollars, tax free.  There is no limit, it's for every successful fine / prosecution they manage, so even smaller amounts add up. This is in addition to their regular salary.

Watch the results, because it won't be pretty for shady Wall Street execs. They'll probably put a few banks and brokerages out of business before the remaining firms learn their lesson.
 
2013-05-09 01:47:02 PM  

inglixthemad: Tell (and follow through with) regulators they will get 5% of every successful fine tax free, 10% if they convict someone of fraud. 10% of a 1 Billion dollar fine = 100 million dollars, tax free.  There is no limit, it's for every successful fine / prosecution they manage, so even smaller amounts add up. This is in addition to their regular salary.

Watch the results, because it won't be pretty for shady Wall Street execs. They'll probably put a few banks and brokerages out of business before the remaining firms learn their lesson.


There is no financial incentive that the government can offer that Wall Street cannot meet or exceed. Barring them from working in the industry they regulate is the only way.
 
2013-05-09 02:01:53 PM  

FarkedOver: DrPainMD: FarkedOver: Here are your regulators:

[t3.gstatic.com image 183x275]

Enjoy Wall Street.

I'm sure that those financial geniuses could fix all of our problems.

You're right.  The free market solves all woes.


Bet I could make a killing selling guillotines.
 
2013-05-09 02:02:19 PM  

un4gvn666: DrPainMD: FarkedOver: Here are your regulators:

[t3.gstatic.com image 183x275]

Enjoy Wall Street.

I'm sure that those financial geniuses could fix all of our problems.

Doubtful.

From that picture, they don't have nearly enough rope.


OK. Give them enough rope. Then what?
 
2013-05-09 02:06:36 PM  

DrPainMD: un4gvn666: DrPainMD: FarkedOver: Here are your regulators:

[t3.gstatic.com image 183x275]

Enjoy Wall Street.

I'm sure that those financial geniuses could fix all of our problems.

Doubtful.

From that picture, they don't have nearly enough rope.

OK. Give them enough rope. Then what?


Enjoy the show.
 
2013-05-09 02:07:29 PM  

Warlordtrooper: FarkedOver: DrPainMD: FarkedOver: Here are your regulators:

[t3.gstatic.com image 183x275]

Enjoy Wall Street.

I'm sure that those financial geniuses could fix all of our problems.

You're right.  The free market solves all woes.

Bet I could make a killing selling guillotines.


That's along the lines of what Lenin said.  "The Capitalists will sell us the rope with which we will use to hang them."
 
2013-05-09 03:10:02 PM  
Subby's headline illustrates another reason big government is bad.

When regulations or tax code or whatever it is is so complicated and labyrinthine, all that does is benefit the rich and powerful.  It doesn't equalize the playing field at all.  Only a very small percentage of people will be able to comprehend the law and the powerful will just buy off their compliance.
 
2013-05-09 04:38:53 PM  
Wall Street: regulate away, you'll just hire us to work for you
FTFY

I'll just leave this here:  http://www.wsws.org/en/articles/2009/04/pers-a06.html
 
2013-05-09 08:10:10 PM  

un4gvn666: inglixthemad: Tell (and follow through with) regulators they will get 5% of every successful fine tax free, 10% if they convict someone of fraud. 10% of a 1 Billion dollar fine = 100 million dollars, tax free.  There is no limit, it's for every successful fine / prosecution they manage, so even smaller amounts add up. This is in addition to their regular salary.

Watch the results, because it won't be pretty for shady Wall Street execs. They'll probably put a few banks and brokerages out of business before the remaining firms learn their lesson.

There is no financial incentive that the government can offer that Wall Street cannot meet or exceed. Barring them from working in the industry they regulate is the only way.


banks under-invested in compliance for years, so now there is big demand for compliance professionals. unfortunately, the finance regulators were disproportionally effected by the sequester (10% cut to the SEC, for example). career progression in the agencies is getting worse, and the agencies can't replace people that leave.

for people that want to work in regulation, entry level & mid-career jobs are generally not available. what is available requires multiple years of prior compliance experience (yes, even at industry funded groups like FINRA). the only way to get that experience is to work in compliance at a financial service firm.

Argh.
 
2013-05-09 10:37:35 PM  
Wallstreet:  Well just overbid your employees and hire them.

Government:  Say hello to per transaction fees.

Wallstreet:  Err, nevermind!
 
2013-05-09 10:53:49 PM  

DrPainMD: I'm sure that those financial geniuses could fix all of our problems.


To be fair, Proscription does have a 100% success rate at fixing economies.
 
2013-05-09 10:58:21 PM  

inglixthemad: Tell (and follow through with) regulators they will get 5% of every successful fine tax free, 10% if they convict someone of fraud. 10% of a 1 Billion dollar fine = 100 million dollars, tax free.  There is no limit, it's for every successful fine / prosecution they manage, so even smaller amounts add up. This is in addition to their regular salary.
Watch the results, because it won't be pretty for shady Wall Street execs. They'll probably put a few banks and brokerages out of business before the remaining firms learn their lesson.


You can't solve greed with more greed. What you need is someone incorruptible. Someone who understands duty, and honour, and integrity in the line of public service. Someone who always tries to do The Right Thing, not the selfish thing. Someone like

www.senseoncents.com

/the man in action
 
2013-05-10 09:17:01 AM  
Finance and banking, where the scope for fraud is the biggest, exceeding even that of defense contracting:  It's the one area where we seem to assume that you need foxes to guard the henhouse.  Never mind that the fox guards didn't stop the henhouse from being raided a few years back, and nearly all of the hens being killed.  Never mind that we've been supplying hens to the foxes almost for free, and they've been selling the eggs and making a killing, all in the name of saving the henhouse.

You have to have foxes to guard the henhouse.
 
2013-05-10 01:31:50 PM  

Kibbler: Finance and banking, where the scope for fraud is the biggest, exceeding even that of defense contracting:  It's the one area where we seem to assume that you need foxes to guard the henhouse.  Never mind that the fox guards didn't stop the henhouse from being raided a few years back, and nearly all of the hens being killed.  Never mind that we've been supplying hens to the foxes almost for free, and they've been selling the eggs and making a killing, all in the name of saving the henhouse.

You have to have foxes to guard the henhouse.


files.gamebanana.com
 
2013-05-10 01:52:19 PM  
Trader: This is the Stock Exchange, there's no money to steal here.
Bane: Really? Then what are all you people doing here?
 
2013-05-11 12:13:56 AM  

un4gvn666: DrPainMD: FarkedOver: Here are your regulators:

[t3.gstatic.com image 183x275]

Enjoy Wall Street.

I'm sure that those financial geniuses could fix all of our problems.

Doubtful.

From that picture, they don't have nearly enough rope.


Don't worry I'm sure there is a Walmart or someone else who can sell them some.
 
2013-05-11 12:18:04 AM  

FarkedOver: Warlordtrooper: FarkedOver: DrPainMD: FarkedOver: Here are your regulators:

[t3.gstatic.com image 183x275]

Enjoy Wall Street.

I'm sure that those financial geniuses could fix all of our problems.

You're right.  The free market solves all woes.

Bet I could make a killing selling guillotines.

That's along the lines of what Lenin said.  "The Capitalists will sell us the rope with which we will use to hang them."


Bah you beat me too it.
 
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