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Post by The 99 Declaration on Feb 1, 2012 8:56:37 GMT -5
Immediate reenactment of the Glass-Steagall Act and vigorous enforcement of the Sherman Anti-Trust Act in all industries. Increased regulation of Wall Street firms by the SEC, FINRA, CFTC, the Justice Department and the other financial regulators including the recently established Consumer Financial Protection Bureau. We further demand an immediate investigation by the Justice Department into the potential criminal practices of the Securities and Banking industry that directly led to the collapse of markets, mortgage-backed securities fraud, foreclosure crisis, bank bail-out and firm failures in 2007-2008 largely due to tying executive compensation to high risk, reckless and criminal behavior. Uniform regulations must be enacted to specifically limit what banks may charge consumers for ATM fees and/or the use of debit cards and other so-called miscellaneous fees.
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Post by christophercarney on Feb 6, 2012 19:56:36 GMT -5
I honestly don't know where to begin on this one. I agree 100% with reinstating Glass-Steagall. Beyond that, it is a spider's web to wade through cause and effect. The main problem is the huge 5 banks left from the collapse of 2008 all have revolving doors with Washington, the Fed, and many other large corporations, Goldman Sachs being the worst. If we can't solve this revolving door problem I'm not sure what kind of regulation could ever be effective because the slime who run these banks will make sure their bought-off friends in Washington don't ever pass anything that cuts into their profits or those of their buddies.
As George Carlin put it once, it's a club, and we're not in it.
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Post by tdrivertom on Feb 7, 2012 12:43:23 GMT -5
I'm suggesting this under grievance #14, Banking and Finance Reform because I don't know where it would logically go otherwise. Perhaps there needs to be a separate grievance for this item.
There is not nearly enough discussion about holding all of those "in the club" criminally liable for what they knowingly did to the U.S. and world economy by engaging in their casino and crony capitalism. We should demand, not suggest or ask... DEMAND that the key individuals who created the financial mess should be put on trial and criminally prosecuted.
We should demand that the $billions of dollars they pilfered through their greedy and dishonest schemes should be paid back into the U.S. Treasury and applied to reducing the debt and creating jobs. This grievance absoluely must be a part of the 99% Declaration's "Petition for the Redress of Grievances."
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