Big Banks & Government Cronyism!
Sure looks like the two sides of the political parties can pass laws to favor the Big Banks and The Federal Reserve! It's all blatant cronyism and lobbyist buying and paying off Politicians and passing it off to We The People!
serf
http://www.thenation.com/blog/204433/big-elizabeth-warren-speech-how-finish-financial-reform
Warren openly criticized the Obama administration's lack of criminal prosecutions related to the 2008 crisis, declaring that "the Department of Justice doesn't take big financial institutions to trial-ever-even when financial institutions engage in blatantly criminal activity." She pointed to the overuse of deferred prosecution agreements, in which big banks get a sometimes-large financial penalty but don't face any further repercussions, nor even admit guilt.
Use of deferred prosecution agreements for large corporations has spiked dramatically under Obama and Attorney General Eric Holder, with the same corporations sometimes receiving several such agreements. Justice entered into 27 such agreements in 2013, compared with eight in 2004. Warren said "no firm should be allowed to enter into a deferred prosecution or non-prosecution agreement if it is already operating under such an agreement-period." She also said any agreements with financial firms going forward should have "mandatory minimum" fines equal to "at least every dime of profit generated by their illegal activity."
Also on the enforcement front, Warren called for a vote by the Federal Reserve Board of Governors on major enforcement decisions. In 2013 the Federal Reserve and the Office of the Comptroller of the Currency reached a $9.3 billion settlement with mortgage servicers for improper foreclosure on millions of homes. Warren later found that the Fed Board of Governors didn't vote on the settlement-widely seen as too weak-and that all the decision-making happened at the staff level.
She also advanced familiar ideas for shrinking the size of too-big-to-fail financial institutions: Warren advocated for a bill that would cap the deposits, liabilities, and assets of large financial institutions. Senators Sherrod Brown and Ted Kaufmann proposed an amendment to this affect to Dodd-Frank, but it failed. Warren also called for reinstatement of the Glass-Steagall division between commercial and investment banking, and for limits on the Federal Reserve's ability to provide emergency lending to big banks. "The prospect of receiving low-cost loans from the Fed completely undermines market discipline-big banks are free to take big risks, knowing full well that the Fed will be there to bail them out if things go south," she said.
serf
http://www.thenation.com/blog/204433/big-elizabeth-warren-speech-how-finish-financial-reform
Warren openly criticized the Obama administration's lack of criminal prosecutions related to the 2008 crisis, declaring that "the Department of Justice doesn't take big financial institutions to trial-ever-even when financial institutions engage in blatantly criminal activity." She pointed to the overuse of deferred prosecution agreements, in which big banks get a sometimes-large financial penalty but don't face any further repercussions, nor even admit guilt.
Use of deferred prosecution agreements for large corporations has spiked dramatically under Obama and Attorney General Eric Holder, with the same corporations sometimes receiving several such agreements. Justice entered into 27 such agreements in 2013, compared with eight in 2004. Warren said "no firm should be allowed to enter into a deferred prosecution or non-prosecution agreement if it is already operating under such an agreement-period." She also said any agreements with financial firms going forward should have "mandatory minimum" fines equal to "at least every dime of profit generated by their illegal activity."
Also on the enforcement front, Warren called for a vote by the Federal Reserve Board of Governors on major enforcement decisions. In 2013 the Federal Reserve and the Office of the Comptroller of the Currency reached a $9.3 billion settlement with mortgage servicers for improper foreclosure on millions of homes. Warren later found that the Fed Board of Governors didn't vote on the settlement-widely seen as too weak-and that all the decision-making happened at the staff level.
She also advanced familiar ideas for shrinking the size of too-big-to-fail financial institutions: Warren advocated for a bill that would cap the deposits, liabilities, and assets of large financial institutions. Senators Sherrod Brown and Ted Kaufmann proposed an amendment to this affect to Dodd-Frank, but it failed. Warren also called for reinstatement of the Glass-Steagall division between commercial and investment banking, and for limits on the Federal Reserve's ability to provide emergency lending to big banks. "The prospect of receiving low-cost loans from the Fed completely undermines market discipline-big banks are free to take big risks, knowing full well that the Fed will be there to bail them out if things go south," she said.
0
-
The racketeering has been institutionalized for a hundred years.
Asking anyone in government to straighten it out, is like asking a cocaine bagger in one of the drug cartels, to end the illegal drug industry.
'As in the days of Noah...' [;)] And then, it starts to make sense.0
Please sign in to leave a comment.
Comments
1 comment