News Obama Inaugural Address: Summary & Analysis

[mheslep]

Certainly that wouldn't solve the problems you list, but surely you see that there would be some comfort in knowing that the sanctimonious hypocrites that misled the country and the world through deceit and unregulated self interest would have gotten on Earth a foretaste of their deserved eternal fates.

No I don't see. Apparently neither does the current President. Does that make him a collaborator?

 

[mheslep]

You don't think teaching Wall St that running a $Bn scam should carry at least the same penalty as stealing cable, won't improve the economy?
It will hopefully persuade savers and investors that putting their money into American companies is slightly safer than giving to Nigerian scammers.

No. Unless you mean Madoff, who'll be thrown under the jail for specific crimes, no, I reject the notion that government should some inflict some vague criminal penalties based on another vague notion that Wall St. did ... something. Specifics?

 

[mgb_phys]

I think if you are an accountancy firm who signs off on fraudulent accounts in return for a commision on a M+A.
Or if you are rating agency and you give a AAA to firms owned by the customer that pays you the most.
Or if you are an investment bank that lies about the amount of debt exposure it has so that the share price rises and people invest their pensions with you.

- Then yes, I think you should get something more than a million $ severance bonus and a promise of a few non-executive directorships when things pick up.

Why do we prosecute drunken drivers that didn't crash, why have health inspectors in restaurants, why don't we let power stations run their own safety audits?
Because we need people to have faith in the system.

 

[mheslep]

I think if you are an accountancy firm who signs off on fraudulent accounts in return for a commision on a M+A.

Yes, and people do go to jail for that. Where are people getting a pass at the moment on such behavior?

Or if you are rating agency and you give a AAA to firms owned by the customer that pays you the most.

Let me point out that these NRSRO firms (Moodies,etc) are essentially ivory tower creations of government law and regulations. If someone floats a bond, for it to be bought and sold one must by law go to one of these government named agencies for a stamp.
http://www.sec.gov/news/studies/credratingreport0103.pdf

Or if you are an investment bank that lies about the amount of debt exposure it has so that the share price rises and people invest their pensions with you.

Part of the problem was people were mistaken in the risk assessed with that kind of debt, mortgage backed securities, an instrument invented by? Fannie & Freddie. Plenty of people have been charged by the SEC for making fraudulent statements about their books. Do you know of someone specifically getting a pass? If so, sure, indict them.

But where is the call here to investigate Sen. Dodd (sweetheart house deal) and Rep. Frank? Where's call to limit the $20 million for a staring role for the next hack hollywood movie?

...Why do we prosecute drunken drivers that didn't crash, why have health inspectors in restaurants, why don't we let power stations run their own safety audits?
Because we need people to have faith in the system.

That's a different subject - regulation. Yes we need regulation. Some regulation. I do not believe that regulation confers faith on its face.