General Discussion

1StrongBlackMan

(31,849 posts)

30. I have read none of these; but, will pick up ...

Thu May 7, 2015, 12:26 PM

May 2015

McGee's piece. I suspect the short version of the piece (regarding the mentality of wall street) can be boiled down to: FEES & BONUSES!

I will state, again, my decidedly unpopular cure for this conduct ... Jailing the bad actors will not stop the conduct (as with ALL economic crimes, there will always be someone willing to risk prison for the big pay day), nor will the jailings reach high enough into the bad businesses to affect the needed cultural change within the businesses ... The only fix that I see would be to enact regulations that make such conduct, unprofitable.

I would welcome regulations which contain severe claw back provisions ... specifically, if found liable, we must get back every dime associated with the transaction, including money lost by investors, the fees charged by the corporation(s) touching the deal, and/but more, the bonuses/salaries of everyone associated with the deal.

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In case anyone forgot Goldman Sachs sold worthless mortgages as AAA investments [View all] think May 2015 OP

After bribing rating agencies to rate them AAA, House of Roberts May 2015 #1

Sad isn't it? The question is who in our govt is working to prevent this from happening again? think May 2015 #2

O'Malley enacted some of the nation’s most comprehensive reforms to protect homeowners from FSogol May 2015 #3

TY for the input. Was not aware of O'Malley's positions on this. think May 2015 #5

Nice article. Enthusiast May 2015 #25

+5. This is good to know about O'Malley. Thanks- appalachiablue May 2015 #35

Every American needs to read... Whiskeytide May 2015 #4

Thanks. Sounds like one I need to read. America really got sucker punched by these guys... /nt think May 2015 #7

I highly recommend it, but... Whiskeytide May 2015 #8

I had a feeling it may raise my blood pressure think May 2015 #10

The Big Short is a great read el_bryanto May 2015 #11

You're right - Lewis focused... Whiskeytide May 2015 #12

I have read none of these; but, will pick up ... 1StrongBlackMan May 2015 #30

I think you are right el_bryanto May 2015 #32

So that is the starting point ... 1StrongBlackMan May 2015 #34

IMO Prison is one of the few things a CEO might fear. One_Life_To_Give May 2015 #38

No, they fear being POOR far more ... 1StrongBlackMan May 2015 #39

Any of Matt Taibbi's books are excellent dixiegrrrrl May 2015 #51

I've read a lot of Matt's works ... 1StrongBlackMan May 2015 #54

I just reread "The Big Short" again last week. longship May 2015 #13

I second that. Very readable, not at all difficult to get thru. dixiegrrrrl May 2015 #29

I haven't read The Flash Boys... Whiskeytide May 2015 #31

I read the Flash Boys and then re-read it. dixiegrrrrl May 2015 #41

And I seem to remember one of our potental Democratic POTUS nominees... 99Forever May 2015 #6

Unfortunately you are correct /nt think May 2015 #9

HRC's undersecretary for economic growth was a former Goldman Sachs vice chair antigop May 2015 #18

Good thing you can't remember, otherwise you'd be gang-tackled erronis May 2015 #28

Here is some fun...look up how many Goldman Sachs folks are/have been in current admin. dixiegrrrrl May 2015 #43

True, but in the days of FDR and Truman, hifiguy May 2015 #46

Interesting! ibewlu606 May 2015 #14

Don't worry our Crack Justice Department will see the Evil-doers are dealt with One_Life_To_Give May 2015 #15

They should have been punished Omaha Steve May 2015 #16

About thirty years of making big rocks hifiguy May 2015 #45

Fill the prisons with the 99% so there's no room for these crooks. mountain grammy May 2015 #17

But... but...but...! gregcrawford May 2015 #19

Recommended and bookmarked for the whole thread. Duppers May 2015 #20

That our government officials have allowed fraud to go unchecked Madmiddle May 2015 #21

Politicians should be embarrassed to be associated with these banks. Enthusiast May 2015 #22

Yeah, that's it, the banks were just trying to recify redlining because they care and appalachiablue May 2015 #36

I just encountered a guy on Facebook that made that exact claim. Enthusiast May 2015 #49

My blood pressure went up, even more! Yes this really stuck, the financial Media, esp. appalachiablue May 2015 #50

Excellent OP & thread contributions. All of you who have recommendations of reading ought to post mother earth May 2015 #23

Through credit default swaps they made money selling failure. Spitfire of ATJ May 2015 #24

Goldman Sachs Reports Highest Profits in Five Years jtuck004 May 2015 #26

K&R! This post should have hundreds of recommendations! Enthusiast May 2015 #27

They also hedged their bets by throwing their own customers under the bus AgingAmerican May 2015 #33

Excellent post and replies, thank you. Keep this KICKED! appalachiablue May 2015 #37

Which is why thls little buddy-buddy pic hifiguy May 2015 #40

Nice ...and note the Clinton Foundation plak in the background. L0oniX May 2015 #52

A picture is worth about 10,000 words in this case. nt hifiguy May 2015 #53

Well they were nice enough to give Hillary $250,000 just to talk to them. L0oniX May 2015 #42

Financial ignorance at its finest econoclast May 2015 #44

Perhaps you'd like to explain it to the people in the thread who have read it. think May 2015 #47

It took Lewis an entire book econoclast May 2015 #48