General Discussion

xchrom

(108,903 posts) Sun Jul 8, 2012, 03:42 PM Jul 2012

ROUBINI: 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

19 replies

= new reply since forum marked as read

Highlight:

ROUBINI: Break Up The Banks Or Hang Someone In The Streets (Original Post) xchrom Jul 2012 OP

Why should we have to choose? tularetom Jul 2012 #1

gotta make sure we empty their bank accounts first. nt xchrom Jul 2012 #2

Okay. aquart Jul 2012 #3

Lol! sabrina 1 Jul 2012 #4

It seems to have had that effect on Mike Milken pscot Jul 2012 #5

Yes, too bad he has not been able to influence his old business buddy, Romney though. sabrina 1 Jul 2012 #6

I'd start with that IMO asshole CEO from Countrywide. L0oniX Jul 2012 #7

Ah, the stormclouds are amassing... Kaleko Jul 2012 #8

Confiscate their assets earmarked for the common good, then tar and.... Bonhomme Richard Jul 2012 #9

Preach it. Ruby the Liberal Jul 2012 #10

That, sir, is a terrorist call for violence. Zalatix Jul 2012 #11

Who does Roubini propose to hang? How many? Thousands? Hundreds? banned from Kos Jul 2012 #12

So what do you propose? What would a non-progressive like yourself do? Write a torrid email? nm rhett o rick Jul 2012 #13

No, no, no. DON'T send that email.......... socialist_n_TN Jul 2012 #16

NOW YOU TELL ME. nm rhett o rick Jul 2012 #17

Roubini is right. roamer65 Jul 2012 #14

+1 Go Vols Jul 2012 #15

Gosh - what's taking so long? kenny blankenship Jul 2012 #18

Ouch. .... K/R marmar Jul 2012 #19

tularetom

(23,664 posts)

1. Why should we have to choose?

Reply to xchrom (Original post)

Sun Jul 8, 2012, 03:46 PM

Jul 2012

I think we should do both.

xchrom

(108,903 posts)

2. gotta make sure we empty their bank accounts first. nt

Reply to tularetom (Reply #1)

Sun Jul 8, 2012, 03:48 PM

Jul 2012

aquart

(69,014 posts)

3. Okay.

Reply to tularetom (Reply #1)

Sun Jul 8, 2012, 03:48 PM

Jul 2012

Because right now, they still think they got away with it.

I will never forgive those bonuses. Never.

sabrina 1

(62,325 posts)

4. Lol!

Reply to tularetom (Reply #1)

Sun Jul 8, 2012, 03:52 PM

Jul 2012

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)

5. It seems to have had that effect on Mike Milken

Reply to sabrina 1 (Reply #4)

Sun Jul 8, 2012, 04:14 PM

Jul 2012

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)

6. Yes, too bad he has not been able to influence his old business buddy, Romney though.

Reply to pscot (Reply #5)

Sun Jul 8, 2012, 04:25 PM

Jul 2012

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.