The Scam Wall Str Learned from the Mafia
Rolling Stone, Matt Taibbi - http://www.rollingstone.com/politics/news/the-scam-wall-street-learned-from-the-mafia-20120620?print=true
Bub, u r right. I think most of participants here support the return of Glass-Steagal. Banks should be banks not traders like JPM, C, BAC or other examples
Bubonic33 said: Great article OF. I wish I could make that kind of money for just making a few phone calls! I'm sure this type of colluding happens all of the time. I have no problem with banks making money, but not like this. Put back glass-steagal and reinstate true competition between the banks.
What I'd also like to see, how many political campaign contributions, or other indirect benefits did the 3 defendants in the above Taibbi story make...and to whom?
by the Big Picture blog -
Federal Deposit Insurance Corp board member Thomas Hoenig said today in a Bloomberg Radio that a revival of the Glass-Steagall Act is “absolutely necessary” to protect the U.S. financial system.
Hoenig added that we must take that steps to remove government safety nets from the banks’ riskiest investment behavior and “reinvigorate” the U.S. investment banking industry.
“If we don’t make these changes, I think we’re destined to repeat the mistakes of the past “.