Saturday, 16 February 2013

Elizabeth Warren Smacks Down Wall Street Bankers

When was the last time financial regulators to wall street to trial, not even they can remember!

Somehow taking a 20% cut, doesn't seem to be much of a deterrent. May I suggest a new rule that if wall street are found with their hand in the cookie jar, settlements should be no less than 105% of the profit of the crime. Thus  making crime unprofitable when caught. And how about regulating for more open access to records to wall street institutions considered too big to fail by legal and justice authorities.
Now, there have been threats to break up the too-big-to-fail (or should we say too-big-to-jail) institutions. Certainly this move make it easier to get justice for consumers of financial consumers ripped off by wall street and perhaps reduce the plutocracy in the political system.

At at a time when profit is privatized and risks  socialized, surely privatizing culpability and socializing the proceeds of crime makes sense to balance the injustice of plutocracy.

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