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Why slap the banks on the wrist with punitive damages when you could cut them off at the knees by actually making systemic changes to address some of the root c
by sudonim 15y ago
Why slap the banks on the wrist with punitive damages when you could cut them off at the knees by actually making systemic changes to address some of the root causes of these types of bubbles?
- joezydeco 15y agoYou're asking that facetiously, right? The answer to your question is simple: Wall Street runs this country. The people in charge of making US bank policy have all come from the banks themselves. http://themoderatevoice.com/93909/wall-streets-control-of-economic-policy-making/ http://themoderatevoice.com/93909/wall-streets-control-of-ec...
- flourpower 15y agoEven after excluding a big mortgage related charge, Bank of America's net income last year was only 756 million dollars. If you estimated that each of the named banks would have to pay out an eighth of the 20 billion with the other ten billion dollars spread out across unnamed banks, you'd still be charging them 3 times what they make in a year. That's more than a slap on the wrist.
- joezydeco 15y agoJust wait. They'll all settle out of court for a tenth of the price and the government will pat themselves on the back with a victory.
- chaostheory 15y agoSo the government can give the impression of fighting corruption.
- omouse 15y agoBecause the system itself includes the government and why the hell would they do that to themselves??