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> Does it get divvied up amongst the people affected by WF's wrongdoing? Are you crazy? The fines usually get distributed around different politicians to spend

• djschnei 9y ago
  Was mostly a sarcastic question ;) This pattern can be seen everywhere... 1) politicians regulate an industry with the best intentions 2) industry becomes a safe haven for "the big fish" that can pay to play 3) Rinse and repeat for a while, creating bigger and bigger barriers to entry into the marketplace. Politicians are happy, mega banks are happy. 4) Megabank inevitably does something reprehensible 5) politicians slap them with some fines. Fake remorse ensues... 6) go back to step 1
  • samstave 9y ago
    Stop paying taxes.
    • djschnei 9y ago
      Well, taxes go towards some stuff I appreciate... plus I would probably be thrown in jail. So not sure that is a solution :p
      • samstave 9y ago
        Conscientious objection to taxation should be a thing though.
        • Analemma_ 9y ago
          It is: it's called "renouncing your citizenship and moving to Somalia". Go ahead! Oh, you meant to say that you want to be able to object to taxation but still freeload on all the benefits. Sorry, no.
          • djschnei 9y ago
            I object to most of the roughly 50% of my income that is taken from me and can't say I've ever been called a freeloader... That's an interesting point of view you have there; "either don't be a US citizen or never complain about tax policy".
            • dumbfounder 9y ago
              "Conscientious objection" to taxes means you wouldn't pay taxes, it doesn't mean you just complain about it. You can't do that and stay a US Citizen and not go to jail.
              • djschnei 9y ago
                I guess I just don't care enough to ruin my life over it. It's a pretty interesting thing to think about, actually. To think that a bloody revolution was sparked over much less than what we put up with today... It's almost like Stockholm Syndrome.
                • s73v3r_ 9y ago
                  That revolution was fought because there was no representation in the body that levied the taxes. We do have representation in the body that levies taxes now.
                  • dumbfounder 9y ago
                    Tell that to the people of Washington DC! (No voting congresspeople)
    • lsiebert 9y ago
      I recently read that if you live in puerto rico full time for a tax year, you don't have to pay federal income tax, or something like that. Apparently a lot of bitcoin people are considering the move. Move there for a year, sell your bitcoin, move back or something like that?
  • Bye_Felicia 9y ago
    This a good analysis. It sums everything up without the bullshit. The only thing I would correct in your "Financial Corruption Process Map" is the step after #3: . 3.5 "big fish" start buying up politicians and lobbying firms to legalize more and more "bad behavior" 4. Megabank acts legally to do something "reprehensible" since they lobbied to legalize it. 4.5 financial collapse. scandal...then the hand wringing begins by walking corpses in Washington.
    • djschnei 9y ago
      I would agree with these additions. This is basically the crony capitalism playbook.
• deleted 9y ago
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• drzaiusapelord 9y ago
  NY State is not the federal government. This is like asking what the US's military is like and having someone describe the Illinois National Guard. Long story short, this all going into the Civil Penalty Fund: In accordance with the Dodd-Frank Act and the Bureau's Civil Penalty Fund rule, the Fund can only be used for two purposes: to compensate eligible harmed consumers and, to the extent that victim payments are not practicable, to provide funding for consumer education and financial literacy programs. https://www.consumerfinance.gov/about-us/payments-harmed-consumers/civil-penalty-fund/ https://www.consumerfinance.gov/about-us/payments-harmed-con...
• rgbrenner 9y ago
  New York has nothing to do with the CFPD. The CFPD's civil penalty fund is legally mandated to use all money for two things only: victim compensation, and consumer education and financial literacy programs. The GAO has audited the CFPD, and verified the funds are being spent in accordance with the law.
• aerotwelve 9y ago
  The situation you outline above is illegal under Dodd-Frank, the act that created the bureau. Those who designed the agency were worried about precisely this kind of perverse incentive structure & required that it distribute all penalties back to consumers. https://www.consumerfinance.gov/about-us/payments-harmed-consumers/civil-penalty-fund/ https://www.consumerfinance.gov/about-us/payments-harmed-con...