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Thread: Prosecutors Suspect Repeat Offenses on Wall Street

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    Re: Prosecutors Suspect Repeat Offenses on Wall Street

    Quote Originally Posted by apdst View Post
    You're suggesting stiffer penalties, not more regulations.
    I was going to correct myself on that, but actually the basic definition of the word comes fairly close anyway to what I was trying to say.

    reg·u·la·tion
    ˌreɡ(y)əˈlāSH(ə)n/
    noun
    1.
    a rule or directive made and maintained by an authority.
    "planning regulations"
    synonyms: rule, ruling, order, directive, act, law, bylaw, statute, edict, canon, pronouncement, dictate, dictum, decree, fiat, command, precept

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    Re: Prosecutors Suspect Repeat Offenses on Wall Street

    Quote Originally Posted by Crossroads View Post
    I think I probably misused the words "heavier regulation" in the first place. Heavier punishments for repeat offenders such as these would be far more apt. The regulations themselves, whatever they may be (as I'm no expert at all on the subject), seem to be working moderately well, in the fact that they ARE opening up investigations and thus it would seem they are keeping tabs on these activities to an extent.
    Yes, but it seems to me--and I'm certainly no financial authority either--that the largest fault is the failure of the system to enforce existing regulations.

    I'm sure there are numerous examples, but certainly the most glaring is the case of Madoff. I can't remember the guy's name, but I'm pretty sure even 60 Minutes covered the story. He was aware of the scam going on, and he wrote several letters to SEC regarding the scam and rule-breaking by Madoff's gang, yet the SEC did nothing at all. A private and well-informed individual had it fairly well figured out, but the enforcement bureaucracy failed or refused to act.

    That's my big complaint, and from this layman's perspective, it is rampant.

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    Re: Prosecutors Suspect Repeat Offenses on Wall Street

    Quote Originally Posted by Henry David View Post
    Yes, but it seems to me--and I'm certainly no financial authority either--that the largest fault is the failure of the system to enforce existing regulations.

    I'm sure there are numerous examples, but certainly the most glaring is the case of Madoff. I can't remember the guy's name, but I'm pretty sure even 60 Minutes covered the story. He was aware of the scam going on, and he wrote several letters to SEC regarding the scam and rule-breaking by Madoff's gang, yet the SEC did nothing at all. A private and well-informed individual had it fairly well figured out, but the enforcement bureaucracy failed or refused to act.

    That's my big complaint, and from this layman's perspective, it is rampant.
    It might sound somewhat idiotic to say we need regulators for our regulators...but....

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    Re: Prosecutors Suspect Repeat Offenses on Wall Street

    Quote Originally Posted by Crossroads View Post
    It might sound somewhat idiotic to say we need regulators for our regulators...but....
    Or, we need solid regulations enforced by honorable and responsible men. Am I describing a utopia? I fear I am.

    Is the system so rotten that good men cannot prevail?

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    Re: Prosecutors Suspect Repeat Offenses on Wall Street

    Quote Originally Posted by Crossroads View Post

    Is there any hard defense FOR these banks? That would certainly make for an interesting debate.
    Punishing the banks would be bad for business.
    Trump Attacked A Syrian Airfield. Trump will be a one-term president.

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    Re: Prosecutors Suspect Repeat Offenses on Wall Street

    Quote Originally Posted by reinoe View Post
    Punishing the banks would be bad for business.
    Take them to task hard and bite the bullet?

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    Re: Prosecutors Suspect Repeat Offenses on Wall Street

    Quote Originally Posted by reinoe View Post
    Punishing the banks would be bad for business.
    Only if "business" needs to operate in a corrupt and artificial world.

    In my view of capitalism, the fit and efficient survive, the weak and poorly managed fail.

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