Citibank CEO - Banks Need Regulation

[Toddsterpatriot]

Except that it doesn't.

We socialized the risk and capitalized the benefits, and then wondered why the Banksters acted badly.

This is where I fault Obama and Bush. Thre should have been high profile prosecutions of the bad actors, and there weren't.

BUt of course, there was lax regulation... Chris Cox SEC was too busy watching porn videos to do their job.

Except that after the bailout the banks largely paid back what the gov't had given them with interest. So we socialized the benefits too.
Another left-wing slogan shot to hell.
Again, no regulations were broken. And no banker deserved to be prosecuted for bad decision making. I realize that image feeds your class envy and hatred but that's all it does.

NO, lots of laws were broken.

But when the rich buy the system, the system stays bought.

Put a few of these douchebags in front of a jury of guys who lost their homes and jobs in the crash.

Then throw them into big boy prison.

The next batch will think twice about it when they hear about the ex-colleague who will never sit down again.

Which laws were broken?
The one against falsifying earnings?
Franklin Raines should be in jail for that. Right?

 

[Toddsterpatriot]

The FDIC is funded by the banks.

What lax regulation are you talking about?
There are more regulations then ever.

I lived in a town where we had strict prostitution laws.

We also had five strip brothels where you could have sex in the back room and streetwalkers moving up and down the street.

regulations and laws are meaningless if no one enforces them.

Which is the problem with the banking industry in general. Bush appoints Chris Cox, and Chris and his boys are too busy logging onto internet porn sites to notice the banks were bundling up toxic mortgages and selling them as investments.

Obama puts in some new regulations, but then when he tries to appoint Warren or Corday to enforce them, he gets blocked the whole way.

In the afformentioned town, we didn't start enforcing the laws until a young lady's corpse was found in someone's garage a month after she vanished. Then they got serious about this nonsense.

What law is there against bundling mortgages?

 

[Toddsterpatriot]

Except that after the bailout the banks largely paid back what the gov't had given them with interest. So we socialized the benefits too.

We socialized the business loss so the banks wouldn't fail. However, did any of the traders, bank executives or anyone else pay back the huge amounts of income that they realized before the collapse?

No they did not. So not only did they tank the economy, screw up the banking industry and make huge amounts of money, no one was really punished and they didn't have to give back a dime.

Your idea that we socialized the benefits is bull shit.

Yeah, none of the bankers lost any money on the bank stock they owned.

 

[JoeB131]

The FDIC is funded by the banks.

What lax regulation are you talking about?
There are more regulations then ever.

I lived in a town where we had strict prostitution laws.

We also had five strip brothels where you could have sex in the back room and streetwalkers moving up and down the street.

regulations and laws are meaningless if no one enforces them.

Which is the problem with the banking industry in general. Bush appoints Chris Cox, and Chris and his boys are too busy logging onto internet porn sites to notice the banks were bundling up toxic mortgages and selling them as investments.

Obama puts in some new regulations, but then when he tries to appoint Warren or Corday to enforce them, he gets blocked the whole way.

In the afformentioned town, we didn't start enforcing the laws until a young lady's corpse was found in someone's garage a month after she vanished. Then they got serious about this nonsense.

What law is there against bundling mortgages?

How about the laws that say you don't misrepresent the value of an asset?

If the government was serious about prosecuting people, they'd prosecute them, and they'd find the legal rationale to do it.

They just don't want to. Because these are the same people who donate to their campaigns.

Now, why you are fine with this, I'm not sure. I'm guessing you ate paint chips as a child.

 

[Toddsterpatriot]

Except that after the bailout the banks largely paid back what the gov't had given them with interest. So we socialized the benefits too.

We socialized the business loss so the banks wouldn't fail. However, did any of the traders, bank executives or anyone else pay back the huge amounts of income that they realized before the collapse?

No they did not. So not only did they tank the economy, screw up the banking industry and make huge amounts of money, no one was really punished and they didn't have to give back a dime.

Your idea that we socialized the benefits is bull shit.

I'll go one further.

How did the banks "pay back the government"? Did they break out a printing press in the basement?

Fuck no.

What they did was go back to their paying customers, the ones who still had jobs, and hit them with a whole bunch of new fees, increased interest rates and penalties to raise that money.

So it's like we got screwed by the banksters twice. First they wrecked the economy, then they squeezed blood from a turnip in order to get out from under the loans they got from the government.

BUt Toro and Rabbi will try to act like the banks were the victims here, and we need Romney to protect them from further abuse.

How did the banks "pay back the government"?

The same way anyone pays back a loan. With money.

 

[Toddsterpatriot]

I lived in a town where we had strict prostitution laws.

We also had five strip brothels where you could have sex in the back room and streetwalkers moving up and down the street.

regulations and laws are meaningless if no one enforces them.

Which is the problem with the banking industry in general. Bush appoints Chris Cox, and Chris and his boys are too busy logging onto internet porn sites to notice the banks were bundling up toxic mortgages and selling them as investments.

Obama puts in some new regulations, but then when he tries to appoint Warren or Corday to enforce them, he gets blocked the whole way.

In the afformentioned town, we didn't start enforcing the laws until a young lady's corpse was found in someone's garage a month after she vanished. Then they got serious about this nonsense.

What law is there against bundling mortgages?

How about the laws that say you don't misrepresent the value of an asset?

If the government was serious about prosecuting people, they'd prosecute them, and they'd find the legal rationale to do it.

They just don't want to. Because these are the same people who donate to their campaigns.

Now, why you are fine with this, I'm not sure. I'm guessing you ate paint chips as a child.

If they lied about the mortgages, that's against the law.
If they sold a mortgage and it went down in value, that's the market.
What do you imagine I'm fine with?
Markets? You bet!

 

[zeke]

JoeB. I was a mortgage loan officer for 18 years. Ran a branch operation for Wells Fargo.

When Glass Stegal was repealed, I and other loan officers were pretty much sure what was going to happen. And it did. When the sub prime sales men started coming around, they were ASKING for shit borrowers. Looking for high risk loans.

And why not.

The new "regulations: were going to allow sub prime, non conforming lenders to make shit loans, realize big profits and IMMEDIATELY pass the risk on to an unsuspecting investor.

Of course the MBS's were supossed to be vetted by one of the credit rating agencies. Greed overcame their good business sense as well.

If you were not in the industry during this time frame, you would have no idea of the amount of money being made and the effect greed started to have on the industry as the game went on.


However there were good mortgage lenders that never participated in that mess and they should be applauded today.

The crooks should be in jail.

But when you live in a plutocracy, the monied never go to jail. The just fund a politician as pennance.sp.

 

[zeke]

Yeah, none of the bankers lost any money on the bank stock they owned.

Yea, like you would fucking know what a banker did or did not lose.

 

[Toddsterpatriot]

Yeah, none of the bankers lost any money on the bank stock they owned.

Yea, like you would fucking know what a banker did or did not lose.

Yes, because I can read.

 

[zeke]

If they lied about the mortgages, that's against the law.

Really? Well they did lie about the mortgages. The were bundling sub prime garbage loans into pools of mortgages that were being represented as A paper loans. And the credit rating agencies were going along with this bull shit. Were they lying about the quality of mortgages being sold? Absolutely. Was there a law in place to keep this from happening? Evidently not. No one went to jail.

 

[Toddsterpatriot]

If they lied about the mortgages, that's against the law.

Really? Well they did lie about the mortgages. The were bundling sub prime garbage loans into pools of mortgages that were being represented as A paper loans. And the credit rating agencies were going along with this bull shit. Were they lying about the quality of mortgages being sold? Absolutely. Was there a law in place to keep this from happening? Evidently not. No one went to jail.

Great. Prosecute the guys who lied about mortgages.

 

[Toro]

Except that after the bailout the banks largely paid back what the gov't had given them with interest. So we socialized the benefits too.

We socialized the business loss so the banks wouldn't fail. However, did any of the traders, bank executives or anyone else pay back the huge amounts of income that they realized before the collapse?

No they did not. So not only did they tank the economy, screw up the banking industry and make huge amounts of money, no one was really punished and they didn't have to give back a dime.

Your idea that we socialized the benefits is bull shit.

I'll go one further.

How did the banks "pay back the government"? Did they break out a printing press in the basement?

Fuck no.

What they did was go back to their paying customers, the ones who still had jobs, and hit them with a whole bunch of new fees, increased interest rates and penalties to raise that money.

So it's like we got screwed by the banksters twice. First they wrecked the economy, then they squeezed blood from a turnip in order to get out from under the loans they got from the government.

BUt Toro and Rabbi will try to act like the banks were the victims here, and we need Romney to protect them from further abuse.

You'll have to excuse JoeAmpad here. He walks around in a fog of hate.

 

[zeke]

Yes, because I can read.

If so, maybe you could broaden your source material. You seem to be lopsided.

And you really think that if my income as a bank executive was 10 million dollars, I am going to worry to much that my bank shares declined in value? Not likely. Especially when I got to keep my job and was back in the "bonus" moeny in less that 2 years. And knew that with the guvmont bailout, that my bank would end up owning even more of the market than when the collapse started.

 

[zeke]

Great. Prosecute the guys who lied about mortgages.

Why didn't that happen? Other than Muzano (sp) form Countrywide, who got prosecuted?

 

[Old Rocks]

Yeah, none of the bankers lost any money on the bank stock they owned.

Yea, like you would fucking know what a banker did or did not lose.

Yes, because I can read.

Your posts definately prove otherwise.

 

[Toddsterpatriot]

Yes, because I can read.

If so, maybe you could broaden your source material. You seem to be lopsided.

And you really think that if my income as a bank executive was 10 million dollars, I am going to worry to much that my bank shares declined in value? Not likely. Especially when I got to keep my job and was back in the "bonus" moeny in less that 2 years. And knew that with the guvmont bailout, that my bank would end up owning even more of the market than when the collapse started.

Yeah, Jimmy Cayne and Dick Fuld worried about their stock.

 

[Toddsterpatriot]

Great. Prosecute the guys who lied about mortgages.

Why didn't that happen? Other than Muzano (sp) form Countrywide, who got prosecuted?

Didn't Franklin Raines get prosecuted? No, I guess not.

 

[Full-Auto]

Yea, like you would fucking know what a banker did or did not lose.

Yes, because I can read.

Your posts definately prove otherwise.

Well....If you think you are all that, post up skippy.

 

[The Rabbi]

Except that it doesn't.

We socialized the risk and capitalized the benefits, and then wondered why the Banksters acted badly.

This is where I fault Obama and Bush. Thre should have been high profile prosecutions of the bad actors, and there weren't.

BUt of course, there was lax regulation... Chris Cox SEC was too busy watching porn videos to do their job.

Except that after the bailout the banks largely paid back what the gov't had given them with interest. So we socialized the benefits too.
Another left-wing slogan shot to hell.
Again, no regulations were broken. And no banker deserved to be prosecuted for bad decision making. I realize that image feeds your class envy and hatred but that's all it does.

NO, lots of laws were broken.

But when the rich buy the system, the system stays bought.

Put a few of these douchebags in front of a jury of guys who lost their homes and jobs in the crash.

Then throw them into big boy prison.

The next batch will think twice about it when they hear about the ex-colleague who will never sit down again.

I realize that would feed your childish desire for revenge against people more successful than you. But consider that Enron and Worldcom execs did go to prison. How many people did that deter?

 

[uscitizen]

The Rabbi is never wrong!