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| Re: JP Morgan Chase Execs Vaporize $2B (942136) | |||
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Re: JP Morgan Chase Execs Vaporize $2B |
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Posted by Charles G on Wed May 16 15:05:04 2012, in response to Re: JP Morgan Chase Execs Vaporize $2B, posted by 3-9 on Wed May 16 14:50:21 2012. I don't think it can be regulated. You have to remove the backstop. Firms build up unmanaged risk now because somebody else's money is at stake.The only way to regulate it is to allow the industry to self-regulate it (and not through the use of models!). The culture in the banks is to hide everything from regulators and even their own shareholders. All kinds of actions which would be considered fraud by any other type of company or person are considered normal everyday activity in banking. The biggest problem we have is that all the Wall Street flunkies who are posing as the Obama economic team are convinced that the financial well-being of their pals back on the Street is the number one concern to our economy. Whether that's because they are stupid or because they are protecting their bosses donor base or because they are trying to ensure their own career opportunities after their government gigs are up isn't clear. To be entirely fair, the Bush flunkies before them were no better or wiser on this subject. I pick on the Obama administration now because they are the ones in power. |
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