Where are the news stories about the occupation of the Banking Against America (B of A) shareholders meeting in racist, backward North Caroline yesterday. I hosted a rally at the local Bankster of America house here.
Bunch of dummies commenting on this thread. Bush passed TARP, not Obama. Bush also made the right call in doing so because there were no other options left.
Second, the Obama administration passed Wall Street reform and rules are still currently being written against massive lobbying efforts by the banks and complete obstruction by Republicans. If regulations were in place at the time this happened, this massive loss of money likely could have been avoided. It's not Obama that believes in letting the banks do whatever they like, the economy be damned. It's Republicans with that philosophy, and what's happened with JP Morgan is what comes from that philosophy. You know what else comes from that philosophy? The Great Depression and the 2008 financial collapse.
You're right, sportsman; it sounds as if the JP Morgan Chase disaster is a Volcker Rule issue. The SEC proposed regulations to take effect this summer, and all the big banks -- and Jamie Dimon in particular -- had a hissy fit, insisted that they needed to be able to trade derivatives for their own accounts in order to "make markets" for their clients. The proposed rules are now in limbo, and the last back-and-forth I heard was a difference of opinion between the SEC and the big banks about their obligation to comply with the Volcker Rule even though the regs haven't been finalized.
I'd love to believe that this disaster might convince Little Jamie and his friends that perhaps the Volcker Rule is a good idea...but I'm not holding my breath!
The next time our corporation owned government decides to bail out these scamming, corrupt and fraudulent Banksters we need to start the Revolution. Enough is enough with this Wall Street slime.
You know in Canada, the government makes sure the Banksters serve the people instead of vice versa. All it takes is some regulation. They need us a heck of a lot more than we need them.
This was not fraud it was pure greed and gambling.
As long as our governement refuses to regulate them, and require them to be so small that failure will not require a bailout. The gamblers will own the American Taxpayer.
And remember this corporation has all the right of an individual person. Can we please get a constitutional amendment to fix this.
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Second, the Obama administration passed Wall Street reform and rules are still currently being written against massive lobbying efforts by the banks and complete obstruction by Republicans. If regulations were in place at the time this happened, this massive loss of money likely could have been avoided. It's not Obama that believes in letting the banks do whatever they like, the economy be damned. It's Republicans with that philosophy, and what's happened with JP Morgan is what comes from that philosophy. You know what else comes from that philosophy? The Great Depression and the 2008 financial collapse.
I'd love to believe that this disaster might convince Little Jamie and his friends that perhaps the Volcker Rule is a good idea...but I'm not holding my breath!
In the absence of prosecution and imprisonment for fraud it is up to the 99% to take action.
As long as our governement refuses to regulate them, and require them to be so small that failure will not require a bailout. The gamblers will own the American Taxpayer.
And remember this corporation has all the right of an individual person. Can we please get a constitutional amendment to fix this.
Lastly BUSSINESS ETHICS is an OXYMORON.