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 ...
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.
Egggactly....
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.
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