That’s an interesting argument. So if I know I’m selling a turd, it’s ok if someone buys it on taxpayer money?
Whatever happened to fiduciary responsibility? Guess it got lost along with the deed.
“That’s an interesting argument. So if I know I’m selling a turd, it’s ok if someone buys it on taxpayer money? Whatever happened to fiduciary responsibility? Guess it got lost along with the deed.”
Our philosophies are different. I think it’s OK if banks are in business to make money. Fannie, congress, et al. made what I personally think are objectively stupid loans into what appeared to be a legal, profitable business for banks. Why shouldn’t banks engage in what appear to them to be legal, profitable business lines? And, a business that would ingratiate them with their regulatory overlords? Do we punish them because they were wrong about the profitability part? IMHO, punishing them for that should be up to the market and their shareholders. Of course, our government has been working overtime to make sure they pay no market price for their bad judgment. And that’s the problem.
I don’t understand your “fiduciary” argument. I don’t think banks are generally fiduciaries with respect to borrowers.