[ Closed ] Another new low for the banking industry.. (Page 2 of 2)

Hard times all around us. It's been said that the meek shall inherit.........if there's anything left. It seems that those who work the hardest are usually the one's that get shafted the most but hey, my parents brought me up with the 'work ethic' and that's how I'm made. It's the only way I know and it goes for my friend's too.

And Andre, I wear a suit to work nowadays, sometimes a tie as well, so don't go dissing all of us that have to 'dress accordingly' mate. We're not all money grabbing low lives. Don't tar us all with the same brush.

Geoff

Spider wrote:

Unless your an American citizen and are a registered US voter, I respectfully ask that you refrain from commenting on American politics.

I don't know where you think you're coming from with this, but even if you ask 'respectfully', this is a crock. So, according to you, only US citizens of voting age are entitled to have and express an opinion about a global crisis that effects all of us? What an incredibly petty chauvinistic attitude.

Spider wrote:

The stock market clearly shows there is no confidence in this administration.

So, did the stock market show confidence in the previous administration? Sorry Spider, another crock. Sadly, we cannot lay the blame for what has happened in recent months at the door of any particular US administration or foreign government. We're talking about a collective global failure of financial institutions, governments, regulatory bodies - indeed, the entire banking system as it has evolved since the 19th century.

Spider wrote:

Speaking of revolutions. The US is overdue for another. It's once again time to water the tree of freedom with the blood of tyrants.

If I didn't know that you have certain challenges, I'd think you were one of those nutters in a back woods training camp, practicing shooting and bombing while dreaming about overthrowing the established order by force. We are no longer in the 18th century. Grow up.

The election of President Obama was about as close to a (peaceful) revolution as you're ever likely to see in the US. If YOU're unhappy now, just how unhappy do you think the rest of us have been over these last eight years?

Hey Everybody,
        I am watching the news after a long day.  I just wanted to say that seeing the recent rash of extremely brazen bank frauds has prompted me to say this.. With "Sir" Allen Stanford accused of stealing 9 billion dollars I mean I sit here confused on how low people will go for a dollar.. When asked about John Henry I say that people sometimes forget the difference between being famous and Infamous..  Here is a classic example.  All I can do is encourage people to do things with the utmost honestly and integrity.

Joe Bonamassa wrote:

Hey Everybody,
        I am watching the news after a long day.  I just wanted to say that seeing the recent rash of extremely brazen bank frauds has prompted me to say this.. With "Sir" Allen Stanford accused of stealing 9 billion dollars I mean I sit here confused on how low people will go for a dollar.. When asked about John Henry I say that people sometimes forget the difference between being famous and Infamous..  Here is a classic example.  All I can do is encourage people to do things with the utmost honestly and integrity.

I hear you, Joe.  The latest generation (especially of financial operators on Wall Street) seems to have an attitude that integrity is a luxury they can't afford, because it might get in the way of making a killing and retiring to their private island, and once they've got theirs to Heck with everyone else.  Most of the former masters of the universe saw the movies Wall Street and Bonfire of the Vanities not as cautionary tales, but as how to manuals.  And I think the "reality tv" phenomenon where people have confused fame and infamy (as you said) and have lost an ability to be ashamed of their behavior all feeds into this phenomenon.

With Madoff and Stanford, the first thought is that if it sounds too good to be true, it probably is.  I like to trust people, but when large amounts of money are involved you need to protect yourself or you will get taken.

As far as the Credit Crisis, while almost everybody participated in the bubble madness, I give primary responsibility to Alan Greenspan for keeping rates too low for too long and for not regulating the mortgage market once Wall Street came in and securitized all of the garbage loans because they could pawn them off on all the marks that thought AAA meant something.

What needs to be done is to nationalize most if not all of the 10 biggest bank that have systemic importance, so that the system survives and credit flows again, but the common and preferred stockholders should be wiped out because they can't be rewarded for their stupidity or we'll get more of it in the future.

Another thing, credit default swaps and other derivatives need to be regulated and traded over an exchange with adequate capital set aside so we don't have another meltdown.  I also think that the CDS that aren't hedging an actual bond position should be wiped out as speculative and making the system too fragile.

Laissez-faire has been proven not to work.  We need adult supervision on Wall Street so the "rocket scientists" and trader jocks never again are in a position to destroy the economy.  Enough from me, but for anyone with an interest I would recommend the book Traders, Guns, and Money by Satyajit Das that explains the derivatives casino and how Wall Street functions almost solely to separate dupes from their money.