4 ms·
In other words taxpayers money was redistributed into the personal bank accounts of some of the richest people.
by motters 12y ago
In other words taxpayers money was redistributed into the personal bank accounts of some of the richest people.
- hawleyal 12y agoWell, we all gave it to them. :/
- isaacremuant 12y agoIIRC, The official narrative from politicians, news anchors and think-tanks was that: - If the bailouts didn't happen, it would be mayhem, "too big to fail", etc. - You got your money back with interest. It was all payed back (disregard economic theory and value of money in hand). - Why are you complaining, you banjo-playing hippie? You can't be in OWS if you have an iphone! (In Erin Burnett's voice) ------ Many people will talk situations that forced the banks to hand out these bonuses and maybe they're right but the deeper problem is that when companies/banks/people suffer no consequence (and even worse, benefit from) doing illegal/harmful things then they're going to keep up doing them. profit vs "cost of infraction".
- maxerickson 12y agoSignificant new regulations were enacted: http://en.wikipedia.org/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act http://en.wikipedia.org/wiki/Dodd%E2%80%93Frank_Wall_Street_... In particular, the orderly liquidation authority created a legal framework to liquidate a broader range of financial institutions: http://en.wikipedia.org/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act#Title_II_.E2.80.93_Orderly_Liquidation_Authority http://en.wikipedia.org/wiki/Dodd%E2%80%93Frank_Wall_Street_... Dodd Frank is at least toothy enough that banks are constantly whining about it now (and working to dismantle it).