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Tue May 26, 2015, 09:56 AM

This is one reason I like O'Malley

http://martinomalley.com/2015/03/20/prevent-another-crash-reform-wall-street/

Structural reforms aren’t enough. We must bring fundamental change to the culture of Wall Street, beginning with real accountability. To this day, the Justice Department and financial regulators have done virtually nothing to bring criminal charges or hold leadership accountable. Legal deterrents are critical for improving the culture of Wall Street and showing that fraudulent behavior will be punished. We can solve this problem in a few ways. The first is to replace the leadership at banks that are repeat offenders. CEOs should not remain in charge of institutions that they have failed to manage properly. Second, we must appoint people to positions — attorney general and SEC chair for starters — who will prosecute those who commit or permit crimes. Thus far, settlements have been nothing more than CEOs using shareholder money to buy their way out of jail.

The part I put in bold pretty much says it all. The only way to stop what is happening is to prosecute those in charge, not just give out fines which do nothing to stop what they are doing on Wall Street.

16 replies, 1723 views

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Arrow 16 replies Author Time Post
Reply This is one reason I like O'Malley (Original post)
Andy823 May 2015 OP
elleng May 2015 #1
Andy823 May 2015 #2
elleng May 2015 #3
Koinos May 2015 #4
elleng May 2015 #7
Koinos May 2015 #8
elleng May 2015 #10
Raine1967 May 2015 #9
elleng May 2015 #11
Raine1967 May 2015 #12
JustAnotherGen May 2015 #5
Andy823 May 2015 #14
FSogol May 2015 #6
elleng May 2015 #13
Andy823 May 2015 #15
JustAnotherGen May 2015 #16

Response to Andy823 (Original post)

Tue May 26, 2015, 10:02 AM

1. VERY good to see this, Andy823.

I agree.

'Third, we must end the days of “neither admit nor deny,” and force law-breaking banks to publicly admit it. We have allowed big banks to avoid admitting guilt due to claims that it will cause them too much harm — it’s time to end that game and let banks face the legal consequences and harm to their reputation. Fourth, we must make banks bear the full weight of financial penalties. As unbelievable as it sounds, the worst actors on Wall Street have written off large portions of these penalties — as if they were donations to charity. We should not allow banks to deduct fines from their taxes.Finally, we need a “three strikes and you’re out” or a points-accrual policy — like the one drivers face — to revoke a bank’s right to operate if they repeatedly break the law. This would increase transparency, reduce recidivism and put banks out of business if they repeatedly disregard the law. Unfortunately, while many good people who work in finance and in Congress understand our vulnerability to another crash, further reform faces an uphill climb against powerful special interests. Today, most Republicans in Congress are hell-bent on disassembling the Dodd-Frank Act. And too many Democrats have been complicit in the backslide toward less regulation. All while last year’s Wall Street bonuses were double the total earnings of all full-time workers making minimum wage.'

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Response to elleng (Reply #1)

Tue May 26, 2015, 10:41 AM

2. Yep

There is a lot of things on his website that really make me want to hear more. He has some great ideas, and he isn't afraid to speak out on the issues that need to be addressed. I am look forward to the 30th of this month when he announces his plan to run.

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Response to Andy823 (Reply #2)

Tue May 26, 2015, 10:43 AM

3. I'm really looking forward to the 30th, Andy,

when the discussion enlarges.

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Response to Andy823 (Original post)

Tue May 26, 2015, 10:55 AM

4. It will be interesting to see and hear his come-from-behind strategy.

One thing I like about O'Malley is his style. He is tough, never runs from a challenge, and stands by his principles; but his manner is inclusive and non-confrontational. He gets people's attention, even those who disagree with him, without scaring them. This trait alone, in my opinion, makes him presidential.

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Response to Koinos (Reply #4)

Tue May 26, 2015, 11:24 AM

7. I suspect his strategy will be 'steady as you go,'

clearly stating his principles that you've noted, and getting people's attention thereby.

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Response to elleng (Reply #7)

Tue May 26, 2015, 11:35 AM

8. "Steady as you go" and shaking lots of hands in Iowa and New Hampshire.

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Response to Koinos (Reply #8)

Tue May 26, 2015, 11:41 AM

10. Yes indeed!

Seems like he's already impressed New Hampshire.

http://www.usatoday.com/story/news/politics/elections/2015/04/02/martin-omalley-2016-new-hampshire/70791654/

(Good video/interview here.)

'People are hungry for NEW LEADERSHIP.' He SAID it, vis a vis Hillary. And touted his executive experience: 'Executive experience matters.'

and says 'Not more class warfare than it was when Teddy Roosevelt (!!!! ) was President!'



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Response to elleng (Reply #7)

Tue May 26, 2015, 11:36 AM

9. complete agreement.

HE sees the polls just as we all do.

And right now I am not concerned at all about them. Steady as you go is a good approach!

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Response to Raine1967 (Reply #9)

Tue May 26, 2015, 11:45 AM

11. Hey Raine!

Check out interview/video I just posted, above! It's a real keeper!

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Response to elleng (Reply #11)

Tue May 26, 2015, 12:13 PM

12. reading now!

Thanks!

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Response to Andy823 (Original post)

Tue May 26, 2015, 10:55 AM

5. I *think*

Getting Glass Steagall put back into play is something that the every day joe on the right would push their representatives for.

There's so much common ground across the political spectrum on this issue.


This can be done. We can put back what was taken away AND we can add to it for individual criminal prosecution when the individual at the bank screws up!


I'm going to give another example - and the banking/financial industry has to follow it today - as does Telecom - we have strict rules because there are two things one needs to commit an act of terror -

A way to communicate to plan.
Money to implement.

Now let's say I have a known individual on the OFAC (Office Foreign Asset Control) who is a Pakistani National with known involvement in terrorist actions.

I allow my Global Support Team to ship him a phone to his known address in Pakistan. They've reached out to me and said, "JAG - is this okay?"

Me, the rep who reaches out and the possibly our third party international support device supplier -

All three of us face fines and imprisonment.

If the CEO of my company demands I do it in writing - bet you I'd keep that email to use as a bargaining chip to get his conviction.

Banks follow simple import/export rules today that are in the same space as Telecom.

This isn't difficult. It's not onerous to implement - and you know what?

It keeps you honest as an Individual within a large entity.


This CAN be done!

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Response to JustAnotherGen (Reply #5)

Tue May 26, 2015, 02:56 PM

14. I agree

Right now we have two sets of rules, one for the Wall Street crowd, and another one for the average person. I too think that the average person, no matter what their party, would agree that Wall Street should have the same rules as everyone else. You break the law you pay fines, AND go to court to face the charges. If you they are found guilty they should do the time just like anyone else would.

The CEO's should not be able to get off by passing the buck on down the line. If a handful of CEO's went to jail, I am sure others would think twice before doing the same thing.

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Response to Andy823 (Original post)

Tue May 26, 2015, 10:57 AM

6. K & R. n/t

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Response to Andy823 (Original post)

Tue May 26, 2015, 12:45 PM

13. For those wondering about his strategy, he's said:

Last edited Tue May 26, 2015, 07:41 PM - Edit history (1)

'People are hungry for NEW LEADERSHIP.' He SAID it, vis a vis Hillary. And touted his executive experience: 'Executive experience matters.'

and says 'Not more class warfare than it was when Teddy Roosevelt (!!!! ) was President!'

(See my post #10, where there's an interview and video. Highlighting it here.)

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Response to elleng (Reply #13)

Tue May 26, 2015, 03:05 PM

15. Exactly!

It's not class warfare, it's just plain old greed vs doing what is right for the workers who do the work so that some CEO can rake in million of dollars a year while the workers can barely make ends meet. The deck is stacked, and it has been for decades. The rich keep getting richer, and more powerful, while the rest of the country has been pretty much standing still as far as wages go. Those with the big money buy congress so they can keep on making the millions, and get tax breaks to boot.

I think O'Malley can get the message out, and people will listen. New leadership is exactly what we need, along with new ideas on how to level the playing field. I really want to hear more about how he will fix the issues that face this country.

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Response to elleng (Reply #13)

Tue May 26, 2015, 07:39 PM

16. Thanks you! N/t

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