Skip to comments.Why Canít the Banking Industry Solve Its Ethics Problems?
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 worlds biggest banks. But after six years and countless efforts to reform finance, the banking scandals never seem to end.
The important question that doesnt 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 worlds 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 ...
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. :)
For the love of money is the root of all evil..............................
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).
Other people’s money attracts looters like sugar attracts ants.
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.
Nice little collection of links to 'issues'.
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.
Please don’t disrupt the bankers and Wall Street hate thread.
Because the law does not require them to do so.
Ummmm... because they don’t want to...?
They are only “minorities” in majority White nations.
Because you can’t have ethics without first having morality.
It was either bank robber Willie Sutton or Fed Chairman Ben Bernanke.
Bankers are now as greedy as shyster lawyers. Another worthless profession.
The American Hitler will be elected on a promise to punish the bankers.
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.
look no further than the Ivy League schools educating these bankers.
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.
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.
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.
I thought they were, one suicide at a time.
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.
Perhaps this is the answer.
The love of money is the root of all evil.
Shame on you. A rational explanation is not needed here.
mea culpa... :^)
Your comment is, by far, the most accurate of this thread in regard to how the banks are affected and of the immediate influences.
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.