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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsROUBINI: Break Up The Banks Or Hang Someone In The Streets
http://www.businessinsider.com/roubini-break-up-banks-greedy-bankers-2012-7***SNIP
"The incentives of the banks is still to cheat and do things that are either illegal or immoral," he said. "The only way to avoid that is to break up these financial supermarkets. When you have within the same firm commercial banking, investment banking, asset management, prime brokerage, insurance, underwriting , derivatives...there are no Chinese walls and there are massive conflicts of interest."
Roubini thinks its wiser to address the system than the players.
"Bankers are greedy," he continued. "They've been greedy for the last hundreds of years. It's not a question of if they're more immoral today than they were a thousand years ago. You have to make sure they behave in ways in which they minimize those risks. One way of doing it is to separate those activities so you minimize the conflicts of interest. Otherwise these things are going to happen over and over again."
However, this is not to say people shouldn't be punished. Roubini thinks that everything should be done to create disincentives to prevent bankers from acting in bad ways. And currently, the punishments just don't go far enough.
"Nobody has gone to jail since the financial crisis. The banks, they do things that are illegal and at best they slap on them a fine. If some people end up in jail, maybe that will teach a lesson to somebody. Or somebody hanging in the streets."
Read more: http://www.businessinsider.com/roubini-break-up-banks-greedy-bankers-2012-7#ixzz203u0nQ1Z
tularetom
(23,664 posts)I think we should do both.
xchrom
(108,903 posts)Because right now, they still think they got away with it.
I will never forgive those bonuses. Never.
That made me laugh. But I am not for a French Revolution style solution, although I understand the temptation.
I am for impoverishing these bastards to the point where they are on the streets begging for food.
I believe in redemption, but only if the perps suffer what they most despise, in this case, poverty. Let's see how brilliant their are without their ill-gotten Bank Accounts.
Who knows, after living on the streets for a while, if they survive, some of them might actually become decent human beings. I know, that is a bit optimistic, but miracles do happen.
pscot
(21,024 posts)He wasn't actually reduced to begging in the streets, but he paid over a billion in fines and penalties and did a couple years in jail. He has apparently been a model citizen since he got out, raising a lot of money for medical research.
sabrina 1
(62,325 posts)Which is why I am support of those who think money is everything, going without it for as long as it takes for the to become better people. And if they don't, well, I'm fine with them remaining penniless and dependent on the kindness of strangers.
L0oniX
(31,493 posts)Kaleko
(4,986 posts)Many listen to Roubini. And no wonder, he's been right in the bulk of his predictions for years now and still going strong.
Bonhomme Richard
(9,000 posts)feather them on the way to prison.
Ruby the Liberal
(26,219 posts)K&R
Zalatix
(8,994 posts)May I join you? HANG THE BASTICHES or break up the damned banks!
Is there a drone in my future?
banned from Kos
(4,017 posts)For being greedy? Immoral?
No charges, no trial - just hanging.
How "progressive".
rhett o rick
(55,981 posts)socialist_n_TN
(11,481 posts)Remember the "Invisible Hand of the Marketplace" will put them in their place. It's worked so well so far! Lest anyone be in doubt, that was
rhett o rick
(55,981 posts)roamer65
(36,747 posts)...as usual.
He told us to nationalize the banks in 2009...did we listen? Of course not.
kenny blankenship
(15,689 posts)oh, right...
marmar
(77,090 posts)nt