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Lawmakers Push Back Against Banks, Banks Complain Settlement Unfair

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Lawmakers Push Back Against Banks, Banks Complain Settlement Unfair

Post by Guest on Sat Mar 05, 2011 12:33 pm

Came across this article, which I thought was interesting.

Financial institutions, on Wall Street, caused this mortgage crisis and now they're complaining that they be hit with some heavy fees? This strikes me as a little self serving that bankers would strike back at financial regulators considering it was the responsibility of these banks to prevent this, in the first place, by ensuring that this never affected the American People.

They engaged in risky practices, put homeowners at risk, and decapitated the vast majority of Americans' retirement funds and investment portfolios. Now, if they were willing to absorb those losses and pay back the American People who lost trillions in savings and created a massive glut of a segment of new working poor, then we wouldn't need such regulations. The problem is that bankers created this financial mess that resulted in one of the worst economic disasters in our country's history since the crash of the stock markets in 1929.

However, do they take responsibility for the mess they created? Hell, no. They just turn around and criticize government regulators for doing their job at protecting what remains of the U.S. economy. Trading in junk bonds and using those junk bonds to create even more massive profits for their respective institutions? Everybody should be offended by these financial institutions for creating this mess and then complaining when the government attempts to level massive fines against them for causing this economic despair.


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