Some enlightening testimony from Bill Black at the House hearings on financial services:
Lehman Brothers
4 thoughts on “Lehman Brothers”
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Some enlightening testimony from Bill Black at the House hearings on financial services:
Comments are closed.
Translation into American English: the financial reform is not going to help; we will have another crisis within a decade because the regulators work for the banks.
See Also: Foxes guarding hen houses.
The uni-directional flow of money to these criminals is intoxicating and fun if you are on the receiving end. Where is their incentive to change? Without legislation and stiff penalties the status quo continues unabated. These assholes will blow the bottom out of hell some day.
What the first two commenter said.
The point, as Black says, is that additional legislation would help but is and was NOT NEEDED to have stopped this crisis from occurring – nor to stop it from continuing to occur today.
Foxes guarding the henhouse is exactly the problem. We did elect Mr. Hopey Changey to fix precisely that! Unfortunately, starry-eyed Democratic voters didn’t realize that he was bought and paid for by the very financial institutions continuing to cause the problems today. I’m shocked, shocked that foxes continue to guard the hen house with a Democratic president too.
The financial reform legislation currently proposed will make absolutely no difference whatsoever – without enforcement! This is the missing piece of the puzzle that Black is pointing out.