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Bankers caused crash and got away with it, says Carney

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Post by Irn Bru Thu Oct 16, 2014 9:23 am

The Governor of the Bank of England last night launched a stinging attack on the bankers who caused the financial crisis and ‘got away without sanction’.

Mark Carney said the bosses of the banks behind the 2008 global financial crash should have paid a higher price for their errors.

Instead – despite facing limited social embarrassment – they were still on the ‘best golf courses’.

Speaking in Washington, Mr Carney said: ‘The individuals who ran the institutions got away with it. They got away with their compensation packages and without sanction.

‘Maybe they are no longer at the most esteemed table in society, but they are still on the best golf courses and that has got to change.’


http://www.dailymail.co.uk/news/article-2790469/bankers-caused-crash-got-away-says-carney-bank-england-chief-says-bosses-paid-higher-price.html

He'll get a right good ticking off from George when he gets back for saying that when George maintains that it was Labour who caused all the problems.

Laughing
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Post by Original Quill Thu Oct 16, 2014 7:40 pm

Xlnt point.  In this country, watch the Senate Banking Committee:

Huffington Post wrote:Elizabeth Warren Embarrasses Hapless Bank Regulators At First Hearing

WASHINGTON -- Bank regulators got a sense Thursday of how their lives will be slightly different now that Elizabeth Warren sits on a Senate committee overseeing their agencies.

At her first Banking, Housing and Urban Affairs Committee hearing, Warren questioned top regulators from the alphabet soup that is the nation's financial regulatory structure: the FDIC, SEC, OCC, CFPB, CFTC, Fed and Treasury.

The Democratic senator from Massachusetts had a straightforward question for them: When was the last time you took a Wall Street bank to trial? It was a harder question than it seemed.

"We do not have to bring people to trial," Thomas Curry, head of the Office of the Comptroller of the Currency, assured Warren, declaring that his agency had secured a large number of "consent orders," or settlements.

"I appreciate that you say you don't have to bring them to trial. My question is, when did you bring them to trial?" she responded.

"We have not had to do it as a practical matter to achieve our supervisory goals," Curry offered.

Warren turned to Elisse Walter, chair of the Securities and Exchange Commission, who said that the agency weighs how much it can extract from a bank without taking it to court against the cost of going to trial.

"I appreciate that. That's what everybody does," said Warren, a former Harvard law professor. "Can you identify the last time when you took the Wall Street banks to trial?"

"I will have to get back to you with specific information," Walter said as the audience tittered.

"There are district attorneys and United States attorneys out there every day squeezing ordinary citizens on sometimes very thin grounds and taking them to trial in order to make an example, as they put it. I'm really concerned that 'too big to fail' has become 'too big for trial,'" Warren said.

A Warren constituent, open-Internet activist Aaron Swartz, recently committed suicide after being hounded by federal prosecutors who reportedly said they wanted to "make an example" of him. Warren had met and said she admired Swartz and, after he died, expressed her concern by attending his memorial in Washington.

The financial regulators can blame, at least in part, Wall Street lobbyists (along with outgoing Treasury Secretary Tim Geithner and Senate Republicans) for their embarrassing turn at the hearing. Warren would have been on the panel herself representing the Consumer Financial Protection Bureau, instead of a sitting senator, if her nomination to head the agency hadn't been thwarted in 2011.

http://www.huffingtonpost.com/2013/02/14/elizabeth-warren-bank-regulators_n_2688998.html

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Post by Ben Reilly Thu Oct 16, 2014 7:55 pm

It's always struck me when you look at the amounts of money involved in the bailouts vs. public assistance, that the right wing shows how it really stands for the power structure and system justification rather than for any claimed concern over how the nation's finances are being run ...
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Post by Original Quill Thu Oct 16, 2014 8:11 pm

All you have to do is pay attention to their wars, and how much they cost.

As far as the bailouts are concerned, the wealthy just want socialized risk with privatized profits.

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Post by veya_victaous Thu Oct 16, 2014 10:34 pm

Original Quill wrote:All you have to do is pay attention to their wars, and how much they cost.

As far as the bailouts are concerned, the wealthy just want socialized risk with privatized profits.

+ 100000000000
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