Example of what OWS is all about

#3
#3
MG1968 said:
did the judge poop on a cop car?
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He won't let the DOJ and Citi conspire to a minimal fine with no admission of what really went on.

How do you, as an investment bank, actively promote and sell shares of a vehicle you project will lose money and then simultaneously short a position in the same vehicle? How is that not obnoxiously criminal for an investment bank?

Do they get away with it because of their sheer size?

Its disgusting.
 
#6
#6
utvolpj said:
and the connection to OWS is....?
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OWS is protesting the banking industry engaging in this kind of thievery and then the government so-called watchdog working with the bankers to save their collective a$$e$.
 
#7
#7
The irony is that when OWS calls for more government as the solution they advocate setting up more opportunities for cronyism. Simplify the tax code and financial regulations and you reduce the opportunities for lobbying.
 
#8
#8
Call me when they start pooping in front of Fannie and Freddy HQs.
 
#9
#9
lawgator1 said:
OWS is protesting the banking industry engaging in this kind of thievery and then the government so-called watchdog working with the bankers to save their collective a$$e$.
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so they're protesting the gov't? Link? Of course they all voted for Obama so they won't blame him. Idiots are protesting the wrong people

also please point out where anyone connected with OWS has used this as an example. Preferably before it happened since it doesn't work when you start a protest and then use future examples to justify your cause.
 
#10
#10
volinbham said:
The irony is that when OWS calls for more government as the solution they advocate setting up more opportunities for cronyism. Simplify the tax code and financial regulations and you reduce the opportunities for lobbying.
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I think you're absolutely right about that, unfortunately I'm not sure it will ever happen. Here's hoping. I'm also not sure OWS understands that this is what they want, they're protesting the obvious problem (which is great) but I'm not sure I've seen a solution presented. If anybody has seen something like that I'd really like to see it (not hating on OWS, I really do).
 
#11
#11
I agree with LG, that this is an OWS victory. And I like. My issue goes along with what volinbham is saying. With increased regulation we are going to see more croneyism. I liken this to the victory Americans had when we all wrote our congressmen to defeat Bush's bailout. I celebrated, and then 3 days later congress passed a bailout bill with an even larger amount of stimulus spending.
 
#12
#12
volinbham said:
The irony is that when OWS calls for more government as the solution they advocate setting up more opportunities for cronyism. Simplify the tax code and financial regulations and you reduce the opportunities for lobbying.
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Your first sentence is a valid concern. The only way around it is more transparency on linkage between business and government. But that keeps getting shot down, mostly by business interests.

The second sentence would not address the issue raised itt as its not a taxation issue.
 
#13
#13
lawgator1 said:
Your first sentence is a valid concern. The only way around it is more transparency on linkage between business and government. But that keeps getting shot down, mostly by business interests.
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We need less Opaque meetings on Transparency.
 
#14
#14
lawgator1 said:
Your first sentence is a valid concern. The only way around it is more transparency on linkage between business and government. But that keeps getting shot down, mostly by business interests.

The second sentence would not address the issue raised itt as its not a taxation issue.
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Sure it is a taxation issue - carve outs, credits, deductions are all part of it. Why do you think we have this patch work of credits and deductions? Someone lobbied for them.

Financial regulation should be primarily about risk transparency.
 
#15
#15
volinbham said:
Sure it is a taxation issue - carve outs, credits, deductions are all part of it. Why do you think we have this patch work of credits and deductions? Someone lobbied for them.

Financial regulation should be primarily about risk transparency.
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If it were true and total transparency, one could make an argument that it is solely what financial regulation should be about.

I just doubt that's ever what we'd get.
 
#16
#16
lawgator1 said:
If it were true and total transparency, one could make an argument that it is solely what financial regulation should be about.

I just doubt that's ever what we'd get.
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You doubt it would happen, so the solution is more regulation that inevitably creates less transparency and more cronyism?
 
#19
#19
bamawriter said:
You doubt it would happen, so the solution is more regulation that inevitably creates less transparency and more cronyism?
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It's the whole "the free market is not perfect" argument. Never mind that government results in an inefficiency every time. We need to empower government to cure market inefficiencies.
 
#20
#20
bamawriter said:
You doubt it would happen, so the solution is more regulation that inevitably creates less transparency and more cronyism?
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I acknowledge the inconsistency. I'm not sure what the answer is. But obviously the banking, investment, and finance industry has proven itself of late to be extremely untrustworthy.



nbakerld said:
It's the whole "the free market is not perfect" argument. Never mind that government results in an inefficiency every time. We need to empower government to cure market inefficiencies.
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Can the free market get so big, and individuals in it so powerful, that it doesn't work? Theoretical question, to be sure, but is it not the case that the entire country, if not the world, was taken for quite the ride by the most powerful financial institutions in the world?
 
#22
#22
lawgator1 said:
Can the free market get so big, and individuals in it so powerful, that it doesn't work? Theoretical question, to be sure, but is it not the case that the entire country, if not the world, was taken for quite the ride by the most powerful financial institutions in the world?
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The way an individual gets that big through the free market is by offering people what they want. If they stop doing so, their power disappears. The Robber barons and monopolists throughout history have all been propped up by government.
 
#23
#23
lawgator1 said:
OWS is protesting the banking industry engaging in this kind of thievery and then the government so-called watchdog working with the bankers to save their collective a$$e$.
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I don't see their sorry asses on Pennsylvania Ave.
 
#25
#25
lawgator1 said:
Then you aren't looking.

Besides which, the source of the problem is the money. That all leads back to WS, ergo that is where the focus ought to be.
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Here's where I disagree - money isn't the problem. A system that rewards cronyism is.

If politicians didn't take money then make/enforce laws and regulations to favor the payor then money wouldn't matter.

Hate the game.
 
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