Comments on: Counterparties: The next bank CEO on the hot seat http://blogs.reuters.com/felix-salmon/2012/06/29/counterparties-the-next-bank-ceo-on-the-hot-seat/ A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: FifthDecade http://blogs.reuters.com/felix-salmon/2012/06/29/counterparties-the-next-bank-ceo-on-the-hot-seat/comment-page-1/#comment-40969 Sun, 01 Jul 2012 00:10:49 +0000 http://blogs.reuters.com/felix-salmon/?p=15641#comment-40969 @TFF Check out the Swiss method. It’s resulted in 50 years of stable, non-partisan government and uses Proportional Representation to allocate seats in Parliament (equivalent to Congress). The President here serves for one year only as a ceremonial figurehead, but wields no extra power.

I can’t see the US power elite giving up their love of violent destruction and meddling in the affairs of other countries though. The Swiss of course are neutral. If you don’t waste your money on war machines it’s amazing how much economic progress you can have.

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By: TFF http://blogs.reuters.com/felix-salmon/2012/06/29/counterparties-the-next-bank-ceo-on-the-hot-seat/comment-page-1/#comment-40952 Sat, 30 Jun 2012 19:44:15 +0000 http://blogs.reuters.com/felix-salmon/?p=15641#comment-40952 @Curmudgeon, I realize that. But he should have been!

The US electoral process is abysmal. Still don’t see any better alternative.

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By: Curmudgeon http://blogs.reuters.com/felix-salmon/2012/06/29/counterparties-the-next-bank-ceo-on-the-hot-seat/comment-page-1/#comment-40942 Sat, 30 Jun 2012 16:04:07 +0000 http://blogs.reuters.com/felix-salmon/?p=15641#comment-40942 TFF, it didn’t seem like the presenter was targeting US elections, but rather pointing out that even the US went through stages (free while landowners, men in general, women, blacks, 18-21) over a period of centuries, and we shouldn’t expect Third World former dictatorships to adopt universal suffrage immediately.

But if you limit in any way, under any circumstances, the slope becomes very slippery. At least universal suffrage gives us an ideal to try for, even if the reality is somewhat different. I served in this nation’s armed forces many years ago, and I believe I did so in order for both the wealthy Wall Streeter and the dirt poor to have the ultimate expression of democracy.

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By: TFF http://blogs.reuters.com/felix-salmon/2012/06/29/counterparties-the-next-bank-ceo-on-the-hot-seat/comment-page-1/#comment-40941 Sat, 30 Jun 2012 15:25:16 +0000 http://blogs.reuters.com/felix-salmon/?p=15641#comment-40941 @Curmudgeon, they have a point. The average US citizen is clearly not prepared to choose their own leaders in this complex modern world. They ought to leave that to people who understand the global economy, the Wall Street elite.

Tongue-in-cheek, of course, but you could make a strong argument that our political system already operates that way.

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By: Curmudgeon http://blogs.reuters.com/felix-salmon/2012/06/29/counterparties-the-next-bank-ceo-on-the-hot-seat/comment-page-1/#comment-40940 Sat, 30 Jun 2012 14:40:42 +0000 http://blogs.reuters.com/felix-salmon/?p=15641#comment-40940 Re: End universal suffrage. Dangerously provocative and thoughtful, but you can’t play with it in your mind for more than 30 seconds without asking “Quis custodiet ipsos custodes?”

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By: MrRFox http://blogs.reuters.com/felix-salmon/2012/06/29/counterparties-the-next-bank-ceo-on-the-hot-seat/comment-page-1/#comment-40923 Sat, 30 Jun 2012 05:02:43 +0000 http://blogs.reuters.com/felix-salmon/?p=15641#comment-40923 @FrWip – for sure, more plausible. Still, one must give credit where it is due. Team-JPM got Drew paid-off, shut-up and gone within 48 hours of the story breaking – before there were any criminal or legislative investigations announced. Goes a long way to keeping them all out from under an “obstruction of justice” charge. The lawyer who got that done earned his money. *is jealous*

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By: MrRFox http://blogs.reuters.com/felix-salmon/2012/06/29/counterparties-the-next-bank-ceo-on-the-hot-seat/comment-page-1/#comment-40922 Sat, 30 Jun 2012 04:47:10 +0000 http://blogs.reuters.com/felix-salmon/?p=15641#comment-40922 “Unlike Jamie Dimon, Bob Diamond may not be able to fall back on his past performance and could only have his own missteps to point to.” (BenW)

It goes a bit deeper than that, BW – and from two different angles. First, the Barclays’ crew barfed all over themselves when they left a paper trail conclusively demonstrating per se anti-trust violations (a price-fixing conspiracy). Jail-time is the standard punishment for that. He’d better be provably pure as driven snow in this or one of his juniors is going to grass-him-out in exchange for not being sent to place where he has to answer to the name “Bitch”.

On a more fundamental level, Diamond is a Scots-Irish, Catholic Yankee, not a member of the London-toffs or the proper US tribe. He has no reason to expect to be allowed to “walk” like DSK on the rape or Corzine on the $800Mil or Spitzer on the hookers or Grubman on the fraud. Unless he’s got somethin’-on-someone and can set-up something like what Marc Rich did, he’s got a king-size personal problem IMO.

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By: Frwip http://blogs.reuters.com/felix-salmon/2012/06/29/counterparties-the-next-bank-ceo-on-the-hot-seat/comment-page-1/#comment-40920 Sat, 30 Jun 2012 04:37:44 +0000 http://blogs.reuters.com/felix-salmon/?p=15641#comment-40920 About Ina Drew, me think the one-line summary should read:

” By letting its risk manager retire – rather than firing her – JPMorgan made sure she would kindly shut the f**k up and let Jamie’s bygones be bygones. ”

More plausible, no?

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By: oneagainstmany http://blogs.reuters.com/felix-salmon/2012/06/29/counterparties-the-next-bank-ceo-on-the-hot-seat/comment-page-1/#comment-40919 Sat, 30 Jun 2012 00:08:11 +0000 http://blogs.reuters.com/felix-salmon/?p=15641#comment-40919 WTF is British English? Am I supposed to imagine Merv speaking Welsh in a thick Scotch accent? Honestly

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By: FifthDecade http://blogs.reuters.com/felix-salmon/2012/06/29/counterparties-the-next-bank-ceo-on-the-hot-seat/comment-page-1/#comment-40918 Fri, 29 Jun 2012 22:56:59 +0000 http://blogs.reuters.com/felix-salmon/?p=15641#comment-40918 What’s been going wrong with banking culture is what happens when you let the traders run the banks. Chaos. Lack of morals. Selfish greed. And no supervision.

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