Comments on: Break up the big banks Fri, 31 Jul 2015 03:37:49 +0000 hourly 1 By: JLWest Mon, 14 May 2012 22:35:04 +0000 Not so fast.

Think about this for a moment. The US Treasury sell bonds. Lots of bonds and in huge amounts. Anyone know who buys those bonds.
A private investor can’t buy the bonds from the Treasury. You have to be authorized with enough money to buy 5 or 6 billion dollars of bonds. The big nasty bad National banks buy the bonds. They can sell them to investors.

So if we downsize the too big to fail banks who will the US Treasury sell the bonds to, let me guess, the national bank of Podunk Arkansas.

That is why they don’t break up the big banks. The government needs someone to buy the bonds. It’s also the main reason why the GS, JP Morgan’s and others usually get their way.

The US government can’t survive with huge banks.

By: anissimene Mon, 14 May 2012 10:58:37 +0000 HI Everybody.
I really don’t want to sound simple minded but jail would be a start for some CEO/Directors etc.
We find ourselves in the hands of massively overpaid, most of the time incompetent people. They tell us that they need to be paid so much because they are dealing with things which we can’t understand. Then it turns out that they also don’t understand what they are doing, send the bank busted, ask for money to save it, and in the worst case scenario (for them) they say I’m sorry, resign and go to enjoy the money they earned/stole (trust me you won’t see them queuing for jobs/food) . NO RESPONSIBILITY.
As for the size of the banks and other entities it is only a sign of the fact that we are ruled by the 1%. 1% of people or corporations. INSANITY.
We need to spread the wealth. This is the only solution.
I don’t want to see CEO on food stamps but it should be unacceptable that the CEO of Goldensach is paid $16.2 million dollars per year in a time when people are losing the houses and can’t get to the end of the month. Where is the logic or moral base for this?
We must change. I could go on and on and on…:-)
This is only one of the problem that the western world, and the all world, are facing in this historic time.
But for now I wish you all a very good day. Ciao :-)

By: Peluche47 Mon, 14 May 2012 02:39:11 +0000 We need regulations on banks not in our private life do not let republicons regulate equal marriage or Medicare or epanything that is good for us

By: BobinBudapest Sun, 13 May 2012 15:39:11 +0000 I say let the speculators speculate… just not with our money. If a bank wants to play fast and loose with investor’s money they should be allowed to. But that means they cannot be “too big to fail”. They can’t even be banks.

Banks are a utility and should be regulated like one. Investment houses should be more lightly regulated but be allowed to fail without government intervention. Those investment houses who became banks during the financial crisis in order to receive government protection from insolvency should lose the protection afforded them as banks if they continue to speculate with depositor(and government)money.

Glass Steagall was timely then and seems oddly prescient now. Bring it back.

By: wayneonly Sat, 12 May 2012 21:04:09 +0000 Alignedinterest, I am all for restoring the Glass-Steagall Act which was enacted to protect depositors moneys from being used to invest in risky investments. However, that will not happen as long as the “Too Big to Fail” banks control Congress. The only way to get any meaningful legislation from Congress is to change the makeup of Congress. Before we (the voter) can change Congress, we must become better educated and dedicated to the ideal that we want a Congress that represents the majority of American people.

Three good books every voter should read are: Winner Take All Politics: How Washington Made the Rich Richer and Turned It’s Back on the Middle Class by Jacob Hacker and Paul Pierson, Throw Them All Out by Peter Schweizer, and Greedy Bastards by Dylan Ratigan. These books will open your eyes to the real corruption of and in Congress.

Congress (with the help of the voter) has set themselves up as the PERMANENT POLITICAL PARTY. They believe they are the “elite” class and are “entitled to special privileges and are “above the law(s)” that govern the rest of us. They no longer answer to the average American voter because they buy our votes with slick advertising paid for by big banks and big business. In essence they have sold their vote to these same big banks and big business that buy OUR vote. It is time the voter gets smarter.

We (the voter) need to resolve that we will vote EVERY incumbent Congressperson out of office when they come up for reelection. Yes, EVERY SINGLE ONE OF THEM!!! This past Congress has shown that they no longer have the interests of the American people in mind, so why should they deserve our vote? THROW THEM ALL OUT!

But it is not enough to send new Congresspeople to office if they are not going to represent the majority of the voters. So we need to send each new Congressperson to Washington with OUR agenda, not the empty promises that every candidate believes they must make to get out vote. And we must be watchful of their voting record and their financial dealing while they are in Congress. Maybe we will actually find some who are worthy of a second term. Lord knows that none of those there now are. And as it becomes harder for big banks and big business to buy OUR vote, it will become less cost effective for them to buy Congresspeople. Then maybe they will get back to investing in the economy of America.

By: ActionDan Fri, 11 May 2012 22:50:49 +0000 Quote: For critics of mega-banks, the reports are the latest sign of big banks’ ability to defy regulation, engage in dubious business practices and face few consequences.

These same criteria apply equally to large pharmaceutical companies, agri-business, energy companies, and probably others besides. Can we break these up too?

By: lhollo Fri, 11 May 2012 19:57:35 +0000 I also moved my money out of Wells Fargo and into one of our local community banks. Their policies are much more consumer friendly. Likewise it was a great feeling to divorce myself from that mega bank.

By: mbrmark Fri, 11 May 2012 16:36:22 +0000 Reinstate Glasg-Steagall, only sensible option!

By: usagadfly Fri, 11 May 2012 16:27:06 +0000 Credit Unions are certainly not immune to incompetent bank style management errors. Very large credit unions have failed due to hiring former bank employees in top management positions. A ploy common before the crash of 2007 — take a Credit Union private, convert it to a bank, grant management excessive compensation and cash out. The credit union members get next to nothing. This happened dozens of times during the Bush administration.

Crooks are crooks are crooks! They are not crooks because they are too closely regulated. They are not crooks because the Federal Reserve is involved. Like Willy Sutton, they rob banks and credit unions because that is where the money is. And they do not go to jail because they make “campaign contributions” (American language for “bribes”).

By: breezinthru Fri, 11 May 2012 14:23:27 +0000 Same as mini paws, as well… but my wife hasn’t moved her banking business to a credit union yet despite my occasional prodding.

She has it in her head that it would be such a bother to change automatic deposits and automatic payments.

It’s really not much trouble; it only takes a few minutes and the happy feeling I got when I knew that Wells Fargo would never get another nickel of my money was definitely worth it.