• 'Too Big to Jail' Policy is Defended by the Fed
    19 replies, posted
[url="http://www.huffingtonpost.com/2014/11/21/fed-too-big-to-jail_n_6201476.html"]Huff Post[/url] [url="http://www.bloomberg.com/news/2014-11-21/dudley-defends-new-york-fed-supervision-in-heated-senate-hearing.html"]Bloomberg[/url] [url="http://www.ft.com/cms/s/0/18e29d32-71a1-11e4-9048-00144feabdc0.html#axzz3JyNaZp5h"]Financial Times[/url] [url="http://america.aljazeera.com/articles/2014/11/21/liberal-senatorsripintotopwallstreetregulator.html"]Al Jazeera[/url] [img]http://im.ft-static.com/content/images/01629fe8-a7ad-46a6-9155-a73009cfcd08.img[/img] [quote]And while Dudley insisted that he had changed the culture of the New York Fed for the better since succeeding Timothy Geithner, who left to serve as treasury secretary, he also pushed back against calls for more aggressive oversight of the banking system. He rejected Warren's suggestion that the Fed's bank regulators should function as "the cop on the beat" looking out for misconduct. "There is an enforcement element to it, but I don't think our primary purpose as supervisors is really the cop on the beat," Dudley said. "Now that doesn't mean that if we see something, we should walk by and ignore it. I don't think that's the case at all." "You don't think you should be doing any investigations?" replied an incredulous Warren. "You should wait to see if it jumps in front of you?" "Because I think our primary focus on supervision is ensuring that the bank is safe and sound, that it's run well," Dudley said. After 90 grueling minutes, the committee let Dudley go. "Is there a cultural problem at the New York Fed?" Warren asked earlier in the hearing. "I think the evidence suggests that there is. ... Either you need to fix it, Mr. Dudley, or we need to get someone who will."[/quote] [media]http://www.youtube.com/watch?v=zIcFW6RYo2A[/media] Basically: He says he has proven 'Too big to jail' is false because CreditSuisse as a company pled guilty. When pressed about how no-one actually goes to jail, he says it is not his job, as regulator, to enforce people.
Attention Dudley Do-Fuck-All, I hope you get audited to within an inch of your life by the IRS after you get fired. P.S. I hope you get fired very soon.
Okay, 'Too Big To Fail' is one thing, but 'Too Big to Jail' sounds like a very slippery slope. Nobody should be 'Too Big to Jail', not even the US President. And yes I realise we've had this "policy" for awhile now with celebrities, but I hated it then too, and the implications here are much worse.
[QUOTE=Mr. Someguy;46561458]Okay, 'Too Big To Fail' is one thing, but 'Too Big to Jail' sounds like a very slippery slope. Nobody should be 'Too Big to Jail', not even the US President. And yes I realise we've had this "policy" for awhile now with celebrities, but I hated it then too, and the implications here are much worse.[/QUOTE] Eric holder the defacto head of deciding these policies has been on record dozens of times defending this policy before he was even in office [editline]24th November 2014[/editline] Its very much his policy, though I doubt his successor would change that
"I do not think that it is the overall purpose of the enforcer to enforce, that is simply not what enforcers are meant to do, especially when they make a lot of money to not enforce."
I thought this first meant that they couldn't jail overly obese people.
[QUOTE=booster;46562166]I thought this first meant that they couldn't jail overly obese people.[/QUOTE] The fact that this is was a reasonable thought (I did think that aswell) is scary
[QUOTE=booster;46562166]I thought this first meant that they couldn't jail overly obese people.[/QUOTE] Maybe that's why the biggest crime lords like Jabba the Hutt are so fat.
[QUOTE=Wolf532;46562491]Maybe that's why the biggest crime lords like Jabba the Hutt are so fat.[/QUOTE] I feel like there should be a southpark episode titled "too big to jail"
As I would wish for Cuomo and Bloomberg, I hope you catch a bullet between your eyes you oligarchist fuck.
[QUOTE=JoeSkylynx;46562522]As I would wish for Cuomo and Bloomberg, I hope you catch a bullet between your eyes you oligarchist fuck.[/QUOTE] An oligarchy is when a select number of people, or groups of people, control the government. [i]the moooore you knoooow[/i]
I think it's pretty clear that the last ten years or so of banking and finance have been catastrophically unregulated, for a regulated industry, and it's fuckers like this ambulatory bribery bag that are responsible. [editline]24th November 2014[/editline] [QUOTE=ZakkShock;46562662]An oligarchy is when a select number of people, or groups of people, control the government. [i]the moooore you knoooow[/i][/QUOTE] Like the Koch Brothers.
[QUOTE=ZakkShock;46562662]An oligarchy is when a select number of people, or groups of people, control the government. [i]the moooore you knoooow[/i][/QUOTE] Yeah as an outside observer that seems pretty accurate considering the extent of lobbying in the US.
[QUOTE=elixwhitetail;46562718]I think it's pretty clear that the last ten years or so of banking and finance have been catastrophically unregulated, for a regulated industry, and it's fuckers like this ambulatory bribery bag that are responsible. [editline]24th November 2014[/editline] Like the Koch Brothers.[/QUOTE] They don't control shit, they just influence the hell out of it.
[QUOTE=JoeSkylynx;46562522]As I would wish for Cuomo and Bloomberg, I hope you catch a bullet between your eyes you oligarchist fuck.[/QUOTE] Saving this for the feds [editline]24th November 2014[/editline] You do not wish death threats on people, let alone those in the government.
[QUOTE=JoeSkylynx;46562522]As I would wish for Cuomo and Bloomberg, I hope you catch a bullet between your eyes you oligarchist fuck.[/QUOTE] i have no idea how you managed to procure the legal requirements for firearm ownership
'Too Big to Jail' is like saying 'Too Fat to Diet'
Financial regulations are almost entirely useless anyway. SOX, Dodd-Frank, and the like are great buzzwords for people championing how well-regulated our markets are, but ultimately there is no reason not for bankers and analysts to do dumb shit. They get caught, the SEC files civil charges and takes away a small chunk of what they earned. Big whoop. People who fuck with the markets are almost never prosecuted criminally. Also, despite the advancement of computers in the financial sector, overseeing all banking operations is an absolutely enormous task. The vast majority of illegal financial activity is never caught - not because for a lack of enforcement, but because it is so difficult to find in the first place. The SEC relies heavily on tips because it knows it can't just walk in to a firm's head office and demand to see "the real books". That's never going to happen.
[QUOTE=Matthew0505;46565172]It's the same as controlling but without getting blamed when they fuck up[/QUOTE] No, it's a subtle but significant difference. Politicians have the power to simply tell them to fuck off, and even though it's unlikely, it has happened.
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