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Title: Paul Volcker tells Senate: risky banking activity is like pornography Post by: WhiskeyGirl on February 05, 2010, 03:16:16 PM "Paul Volcker tells Senate: risky banking activity is like pornography"
Worse than pornography, it seems to be perpetual, and keeps generations of Americans in debt. Quote One Republican, Mike Johanns, argued the rule would not have averted the collapse of Bear Stearns or the demise of the insurer AIG, neither of which operated high street banks. He accused the White House of using the credit crunch as an excuse to bash banks, by adopting an attitude of "never let a good crisis go to waste". Apples and oranges? read more here - http://www.guardian.co.uk/business/2010/feb/02/paul-volcker-senate-banking-testimony (http://www.guardian.co.uk/business/2010/feb/02/paul-volcker-senate-banking-testimony) Can you think of anything else that would make Wall Street laugh? Maybe the perpetual bailout by taxpayers provision? In some way, I think the risky players will find new ways to skirt the rules... Didn't any of those failing institutions issue financial reports to show the declines? Did they have inadequate controls? Follow the money. Why wasn't Freddie/Fannie reformed in 2004/2005? Why did Barney think they were safe? |