Comments of the Week: Jan. 21 - 25
January 25, 2013 8:25 AM
On banks facing regulatory action for improper debt collection practices:
"It´s about time these bloodsuckers get truly regulated. Their refusal to accept common sense repayments after they buy the debt for pennies on the dollar and their robo-calls to every phone number someone has is beyond harassment."Related Article: Banks Face Official Backlash Against Card Debt Collection Practices (Image: Thinkstock)
On some banks being 'Too Big to Jail':
"Even worse than 'Too Big to Jail' is 'Too Big to Prosecute.'"Related Article: Are Some Banks 'Too Big To Jail'? (Image: Thinkstock)
On Frontline's investigation into why Wall Street wasn't prosecuted for the financial crisis:
"Unfortunately, irresponsibility is not a crime in the business world. You must prove … intent."Related Article: 'Frontline' Learns Firsthand Why Wall Street Is 'Untouchable' (Image: Thinkstock)
On why Wall Street has not faced criminal prosecution for the financial crisis:
"The decision makers at the DOJ are cautious to the point of cowardice."Related Article: 'Frontline' Learns Firsthand Why Wall Street Is 'Untouchable' (Image: Thinkstock)
On whether criminal prosecutors could have come down on Wall Street for the financial crisis:
"The mortgages sold were rated and sold as 'AAA-Grade A' meat and … the loans turned out to be low grade dog food."Related Article: 'Frontline' Learns Firsthand Why Wall Street Is 'Untouchable' (Image: Thinkstock)
On a call to end 'Too Big to Fail' by making it the shareholders' problem:
"Banks would never be the shareholders' problem. They have been and will be depositors' problems."Related Article: End 'Too Big to Fail' by Making It Shareholders' Problem (Image: Thinkstock)
On how to end 'Too Big to Fail':
"If the goal is to replace hyper-regulation with market discipline, then the method is simple: End deposit insurance."Related Article: End 'Too Big to Fail' by Making It Shareholders' Problem (Image: Bloomberg News)
On the notion that market discipline can replace regulation:
"Clap if you still believe in 'market discipline' - don't let Tinker Bell die." (Via Twitter)Related Article: End 'Too Big to Fail' by Making It Shareholders' Problem (Image: Thinkstock)
On dismissals of 'market discipline' as a fairytale:
"Tinker Bell needs help! Market discipline can only exist when banks provide uniform disclosures of on and off balance sheet risks." (Via Twitter)Related Article: End 'Too Big to Fail' by Making It Shareholders' Problem (Image: Thinkstock)
On the Consumer Financial Protection Bureau's QRM rule:
"A loan with only 5% down payment is only ultra-safe in political-speak. Securities issued under such regs may be riskier than those the QRM rule was supposed to prevent."Related Article: CFPB Mortgage Rule Signals Relief for Securitizers (Image: Bloomberg News)
On the Innovator's Dilemma at big banks:
"Helping customers achieve their financial goals is antithetical to the megabank model. They make money by taking the customer's money in fees and sleazy practices … What they need is a business model not dependent on misdirection and outright fraud."Related Article: Banks Face the Innovator's Dilemma (Image: Fotolia)
On the OCC's defense of its $8.5 billion foreclosure settlement with 10 banks:
"The OCC's idea of a hard bargain is nothing more than the cat scratching litter over its waste."Related Article: OCC Defends Foreclosure Deal, Says It Drove 'Hard Bargain' (Image: Thinkstock)
