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from Martin O'Malley:
Ellen,
I want to share an op-ed that I wrote for today's Des Moines Register. I outlined several proposals aimed at ensuring another Wall Street meltdown is outside the realm of the possible. While the 2010 Dodd-Frank Act addressed inherent flaws in the financial system, it did not go far enough. We must bring fundamental change to the culture of Wall Street, beginning with real accountability.
You can read the full op-ed here: http://www.desmoinesregister.com/story/opinion/columnists/caucus/2015/03/20/prevent-another-crash-reform-wall-street/25057735/
Thanks,
Martin O'Malley
15 replies
= new reply since forum marked as read
= new reply since forum marked as read
Third, we must end the days of “neither admit nor deny,” and force law-breaking banks to publicly admit it. We have allowed big banks to avoid admitting guilt due to claims that it will cause them too much harm — it’s time to end that game and let banks face the legal consequences and harm to their reputation.
Fourth, we must make banks bear the full weight of financial penalties. As unbelievable as it sounds, the worst actors on Wall Street have written off large portions of these penalties — as if they were donations to charity. We should not allow banks to deduct fines from their taxes.
Finally, we need a “three strikes and you’re out” or a points-accrual policy — like the one drivers face — to revoke a bank’s right to operate if they repeatedly break the law. This would increase transparency, reduce recidivism and put banks out of business if they repeatedly disregard the law.
Fourth, we must make banks bear the full weight of financial penalties. As unbelievable as it sounds, the worst actors on Wall Street have written off large portions of these penalties — as if they were donations to charity. We should not allow banks to deduct fines from their taxes.
Finally, we need a “three strikes and you’re out” or a points-accrual policy — like the one drivers face — to revoke a bank’s right to operate if they repeatedly break the law. This would increase transparency, reduce recidivism and put banks out of business if they repeatedly disregard the law.
Run, Martin, run.
Maybe it's time for an O'Malley in the oval office.
