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Why Canít the Banking Industry Solve Its Ethics Problems?
New York Times ^ | 29 July 2014 | Neil Irwin

Posted on 07/30/2014 12:53:41 PM PDT by Lorianne

The financial crisis that nearly brought down the global economy was triggered in no small part by the aggressive culture and spotty ethics within the world’s biggest banks. But after six years and countless efforts to reform finance, the banking scandals never seem to end.

The important question that doesn’t yet have a satisfying answer is why.

Why are the ethical breaches at megabanks so routine that it is hard to keep them straight? Why do banks seem to have so many scandals — and ensuing multimillion dollar legal settlements — compared with other large companies like retailers, airlines or manufacturers?

Some of the world’s leading bank regulators are trying to figure that out. And they have taken to sounding like parents who have grown increasingly exasperated at teenage children who keep wrecking the family car.

(Excerpt) Read more at nytimes.com ...


TOPICS: Business/Economy
KEYWORDS:

1 posted on 07/30/2014 12:53:41 PM PDT by Lorianne
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To: Lorianne

Honestly - the banks don’t want too.

They own Obama and Lizzy Warren.

All their budget holes are plugged with taxpayer money.

It’s a good day to be a bank. :)


2 posted on 07/30/2014 12:56:05 PM PDT by Tzimisce
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To: Lorianne

For the love of money is the root of all evil..............................


3 posted on 07/30/2014 12:56:25 PM PDT by Red Badger (If you compromise with evil, you just get more evil..........................)
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To: Lorianne

Nobody’s gone to jail. Wall Street banks view the fines they pay as no more than the cost of doing business. Putting a banker or two in jail would be more than all of King Midas’ silver (Dodgeball reference).


4 posted on 07/30/2014 12:56:43 PM PDT by Night Hides Not (Remember the Alamo! Remember Goliad! Remember Mississippi!)
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To: Lorianne
Because the Fed insists that they make any and all loans to "minorities," regardless of whether there is any possibility they will be paid back.
5 posted on 07/30/2014 12:57:00 PM PDT by E. Pluribus Unum ("The man who damns money obtained it dishonorably; the man who respects it earned it." --Ayn Rand)
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To: Lorianne

Other people’s money attracts looters like sugar attracts ants.


6 posted on 07/30/2014 12:57:21 PM PDT by Vigilanteman (Obama: Fake black man. Fake Messiah. Fake American. How many fakes can you fit in one Zer0?)
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To: Lorianne
How many bankers do unethical garbage every month and how many are fired or arrested even when caught at it?
7 posted on 07/30/2014 1:01:03 PM PDT by Rashputin (Jesus Christ doesn't evacuate His troops, He leads them to victory.)
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To: Tzimisce

Oh Oh, you used “Honestly” and “banks” in the same sentence.

Who was it said he robbed banks because that’s where the money was?

Same principle — too much money; conflicts with ethics.


8 posted on 07/30/2014 1:01:34 PM PDT by Scrambler Bob
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To: Lorianne
Criminal Bankers

Nice little collection of links to 'issues'.

9 posted on 07/30/2014 1:01:39 PM PDT by Theoria (I should never have surrendered. I should have fought until I was the last man alive)
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To: Lorianne
The financial crisis that nearly brought down the global economy was triggered in no small part by the aggressive culture and spotty ethics within the world’s biggest banks.

And of course Barney Frank, other politicians, and the courts had nothing to do with millions of bad loans being made to people who had no ability to service them.

Damn those banks and lending institutions that did what judges told them they had to. Then when banks and lending institutions bundled that bad paper to get it off their backs, those same entities labeled them crooks and worse. Were there some problems with banks and lending institutions? Sure. It would be wrong to say they were perfect in all this. Lets be honest though, this was a planned failure. We all know it. I'll be damned if I'll pile on the banks to the exclusions of all the other players.

10 posted on 07/30/2014 1:02:22 PM PDT by DoughtyOne (Think how stupid the average person is, and then realize half of the populace is worse than that.)
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To: E. Pluribus Unum

Please don’t disrupt the bankers and Wall Street hate thread.

LOL


11 posted on 07/30/2014 1:04:16 PM PDT by DoughtyOne (Think how stupid the average person is, and then realize half of the populace is worse than that.)
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To: Lorianne
"Why Can’t the Banking Industry Solve Its Ethics Problems?"

Because the law does not require them to do so.

12 posted on 07/30/2014 1:11:27 PM PDT by ronnyquest (I spent 20 years in the Army fighting the enemies of liberty only to see marxism elected at home.)
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To: Lorianne

Ummmm... because they don’t want to...?


13 posted on 07/30/2014 1:12:13 PM PDT by Oberon (John 12:5-6)
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To: E. Pluribus Unum

They are only “minorities” in majority White nations.


14 posted on 07/30/2014 1:12:56 PM PDT by ronnyquest (I spent 20 years in the Army fighting the enemies of liberty only to see marxism elected at home.)
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To: Lorianne

Because you can’t have ethics without first having morality.


15 posted on 07/30/2014 1:25:44 PM PDT by freedomfiter2 (Brutal acts of commission and yawning acts of omission both strengthen the hand of the devil.)
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To: Scrambler Bob
Who was it said he robbed banks because that’s where the money was?

It was either bank robber Willie Sutton or Fed Chairman Ben Bernanke.

16 posted on 07/30/2014 1:29:01 PM PDT by Leaning Right (Why am I holding this lantern? I am looking for the next Reagan.)
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To: Lorianne

Bankers are now as greedy as shyster lawyers. Another worthless profession.


17 posted on 07/30/2014 1:31:19 PM PDT by VRWC For Truth (Roberts has perverted the Constitution)
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To: Lorianne

The American Hitler will be elected on a promise to punish the bankers.


18 posted on 07/30/2014 1:39:35 PM PDT by Buckeye McFrog
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To: Lorianne
Because there is no incentive.

Because those who are supposed to regulate them perpetuate the problem.

Because they know Uncle Sugar will always bail them out when they screw up (or get caught).

The game is rigged - and not in favor of us.

19 posted on 07/30/2014 1:42:08 PM PDT by gdani (Every day, your Govt surveils you more than the day before)
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To: Lorianne

look no further than the Ivy League schools educating these bankers.


20 posted on 07/30/2014 1:45:19 PM PDT by Terabitten (I'd rather have one Walker than fourteen runners.)
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To: Tzimisce

Banks don’t control their regulators, politics through government does.

Banks only play the game that is set for them. Their influences are local and specific.

IMO, the ethics that created the banking, investment and real-estate issues were created by people who believed and still believe that they were acting ethically.

The banks cannot be held ethically or morally responsible for playing inside the game board the was created for them. It’s a competitive environment.

Yet they are and will continue to be held responsible.

As the government now extracts their fines and reciprocities from the banks for doing something the government essentially asked them through regulation to do, the American banking customer will pay for every dollar they extract, in one way or another.


21 posted on 07/30/2014 1:48:20 PM PDT by Cold Heat (Have you reached your breaking point yet? If not now....then when?)
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To: Buckeye McFrog

Egggactly....


22 posted on 07/30/2014 1:49:24 PM PDT by Cold Heat (Have you reached your breaking point yet? If not now....then when?)
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To: Lorianne

Had Washington politicians, both Democrat AND Republican, been serious about reducing risk in the financial system when Dodd-Frank was passed, they would have broken up the asset concentration in the large banks and drastically reduced the government’s role in the mortgage business. They did the opposite. In addition, Dodd-Frank foisted a vast amount of regulation (much is still being drafted) that hurt community banks and their customers far, far more than it did the large/mega banks. The big banks and the DC elites are joined at the hip and are essentially conspiring against community banks and consumers. Most of the regulation is having the effect of raising prices and reducing credit availability to the consumer, not to mention driving a stake through the hearts of small business people.

And it is across the board, not just financial. Think about the war on coal and electric rates. Think about the Keystone Pipeline and the impact on fuel prices. Think about government borrowing and the resultant REAL inflation rate, not just the bogus CPI number that excludes fuel and groceries. Washington is stealing us blind. . . a full-court press to impoverish the middle class and small business people . . . right out of the Commie revolution handbook.


23 posted on 07/30/2014 1:57:00 PM PDT by RatRipper (No need to rob others; democRATS will steal and share a tiny bit with you.)
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To: Lorianne
The financial crisis that nearly brought down the global economy was triggered in no small part by the aggressive culture and spotty ethics within the world’s biggest banks.

More left wing LIES! The "crisis" was caused by the federal government using Fannie Mae and Freddie Mac to destroy the home mortgage market and force banks to loan money to people with bad/no credit.

24 posted on 07/30/2014 1:59:22 PM PDT by Fledermaus (Conservatives are all that's left to defend the Constitution. Dems hate it, and Repubs don't care.)
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To: Lorianne

I thought they were, one suicide at a time.


25 posted on 07/30/2014 2:08:13 PM PDT by Mastador1 (I'll take a bad dog over a good politician any day!)
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To: RatRipper

True, it is...

But there is also the fact that a nations politics are in the end a reflection of a majority or sometimes strong minority of it’s people with weak opposition.

This is true in Russia today and was true for Nazi Germany and is true for most if not all of socialist Europe.

If it were not, the politics would have been different.


26 posted on 07/30/2014 2:13:48 PM PDT by Cold Heat (Have you reached your breaking point yet? If not now....then when?)
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To: Lorianne
Why Can’t the Banking Industry Solve Its Ethics Problems?

Perhaps this is the answer.

The love of money is the root of all evil.

27 posted on 07/30/2014 3:01:18 PM PDT by MosesKnows (Love many, trust few, and always paddle your own canoe.)
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To: DoughtyOne

Shame on you. A rational explanation is not needed here.


28 posted on 07/30/2014 4:11:23 PM PDT by rlmorel ("Anyone who will shift their stance so fluidly in the pursuit of support isn't worth supporting.")
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To: rlmorel

mea culpa... :^)


29 posted on 07/30/2014 5:52:08 PM PDT by DoughtyOne (Think how stupid the average person is, and then realize half of the populace is worse than that.)
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To: Cold Heat

Your comment is, by far, the most accurate of this thread in regard to how the banks are affected and of the immediate influences.


30 posted on 07/30/2014 6:45:24 PM PDT by ConservativeMind ("Humane" = "Don't pen up pets or eat meat, but allow infanticide, abortion, and euthanasia.")
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To: ConservativeMind

The sad thing is that they are still doing it.

That added to corporate cronyism to create a better world.

Been tried before..and they never learn from the mistakes.


31 posted on 07/30/2014 7:31:13 PM PDT by Cold Heat (Have you reached your breaking point yet? If not now....then when?)
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