http://www.crosbyherald.co.uk/news/cros … -33495404/
I think it would be very hard to bring a piece of legislation in to curtail banks and the banking industry. And if legislation is brought in should it be retrospective as most of those responsible have left the banks and are living the good life on the huge redundancy payments and bonuses received.
The article wasn't very clear (at least to me) - what kind of "reckless" behavior is it referring to? Making bad loans?
I think it refers to bringing in a new law of reckless management.
Although there are other things like the LIBOR scandal which could be construed as fraud. (maybe)
Sounds like putting a banker in jail because a loan isn't paid back. Or maybe because a subordinate way down the line somewhere did something illegal.
That would certainly change the face of banking!
The knowledge that the loan wouldn't be paid back and then selling the loans on with this knowledge surely constitutes fraud?
And if you are in control of a business where your employees are committing fraud as part of your business then you become an accomplice to that fraud.
Also fixing inter bank lending rates is against the regulations and as such is breaking the law.
That would surely be fraud. The problem is proving beyond a reasonable doubt that the banker knew it never be paid back - that part could be a little tough. Especially the reasonable doubt part.
Yes and no. The boss is not always automatically responsible for the actions of a subordinate, at least not at the criminal level. The business is, of course, but not the supervisor. It again comes down to knowledge of the act either before or during execution. No one at the top levels of a corporation with tens of thousands of employees can personally keep track of every action by every employee.
Excessive consumerism and predatory lending are two completely different issues that generally get clumped together in the same pool of results. Unfortunately ability to repay and willingness to repay fall into the same bucket. Remember the 'walk-away' campaigns during the US market collapse.
Discerning who to blame should be less of a concern than educating the consumers and regulating the market. Prosecuting a CEO or some other patsy down the food chain is just going to make new lending more difficult and do little to benefit the masses.
Saw this today. Add the ratings agencies to the list to be jailed!
http://www.news.nom.co/video-matt-taibb … cial-news/
I am of the opinion that it was the Federal Reserve and other central banks that created the environment that encouraged this kind of behaviour, and are therefore the main cause of the financial collapse. I do, however, believe in free will, and would also wish to see bankers prosecuted. That might seem rather an odd point of view for a die-hard lassiez-faire capitalist, but I believe the current system of banking to be fraudulent, so of course, I hate the bankers as much as your average lefty.
by Cagsil 8 years ago
Hey Hubberville,I am planning on writing my next about the state of affairs of the Financial business' and Government action.However, I would like to point out one specific problem, for which, needs to be addressed almost immediately. Hence, the reason for the posting.The "credit" crisis...
by SparklingJewel 8 years ago
This book is a history of money and banking, and of course the corruption that was created from the power of money and banking..."The business of banking began in Europe in the fourteenth century. Its function was to evaluate, exchange, and safeguard people’s coins. In the beginning, there...
by Gary Anderson 6 years ago
Hey Even, Mises said big business was not evil. To be fair, he did not live to see the TBTF banks, but I am waiting for his libertarian followers duped by this stuff to say the TBTF banks ARE evil. Say it Evan!Here is my post to your off the wall review of my ebook on Amazon. It will show that your...
by Gary Anderson 9 years ago
Our meltdown can also be understood. This is must see. All hubbers need to take the time to watch this video:http://video.google.com/videoplay?docid … 0256183936
by Dr. Zia Ahmed 19 months ago
Who is more corrupt, Banker or Politicians?Corruption is every where, but who is more corrupt. Government Employees, Politicians or Businesses. Who promotes corruptions.
by Credence2 2 years ago
http://www.cnn.com/2012/08/09/politics/ … n-america/I know that we have beaten this gun issue like a dead horse, but that number is startling. That is almost a gun for every man, woman and child in America.Yet, conservatives tell me that if guns were registered, subject to background check,...
Copyright © 2018 HubPages Inc. and respective owners. Other product and company names shown may be trademarks of their respective owners. HubPages® is a registered Service Mark of HubPages, Inc. HubPages and Hubbers (authors) may earn revenue on this page based on affiliate relationships and advertisements with partners including Amazon, Google, and others.
|HubPages Device ID||This is used to identify particular browsers or devices when the access the service, and is used for security reasons.|
|Login||This is necessary to sign in to the HubPages Service.|
|HubPages Traffic Pixel||This is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.|
|Remarketing Pixels||We may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.|
|Conversion Tracking Pixels||We may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.|