Comments of the Week: Oct. 1 - 5
October 5, 2012 10:21 AM
(Image: Thinkstock)
On why the CFPB's fine of American Express should scare bankers:
"What part of the CFPB should NOT scare bankers? It's a bureaucracy run amok, with no accountability."Related Article: Why the CFPB's AmEx Fine Should Scare Bankers Pictured: CFPB Director Richard Cordray(Image: Bloomberg News)
On the CFPB's enforcement action against Amex:
"Hurray for the CFPB. Having an organization that forces compliance with laws and fair play … will force the bad actors to straighten up."Related Article: Why the CFPB's AmEx Fine Should Scare Bankers (Image: Thinkstock)
On two former Wamu executives eyeing a return to mortgage lending:
"If you could rob a convenience store of $1,000 and, when you were caught, get away with an apology and paying $100, would you do it again?"Related Article: Former Wamu Execs Eye Return to Mortgage Lending (Image: Michael Chu)
On one of John Allison's suggested cures for the banking industry:
"Eliminating the FDIC is a terrible idea."Related Article: The Cure for the Banking Industry, Part II: More Private Capital, Less Public Risk Pictured: Martin Gruenberg, acting chairman of the Federal Deposit Insurance Corp.(Image: Bloomberg News)
On San Diego's 'Responsible Banking' law:
"There is a difference between responsible regulation and zealous overreach."Related Article: San Diego Council Passes 'Responsible Banking' Law (Image: Thinkstock)
On whom the FSOC should deem systemically important:
"They should target the bank regulators."Related Article: Who Will FSOC Target as Systemically Important? Pictured: Treasury Secretary Tim Geithner(Image: Bloomberg News)
On the effectiveness of the FSOC:
"The FSOC was created to perpetuate the political myth that 'nobody could see the financial crisis coming.'"Related Article: The FSOC: Systemic Oversight or Overlook? (Image: Thinkstock)
On merchant opposition to the proposed Visa/MasterCard swipe fee settlement:
"Do retailers really believe cash is less expensive to accept than cards? Go figure."Related Article: Credit Card Settlement Could Stymie PayPal's Retail Plans (Image: Thinkstock)
On a solution to banks' growing cybersecurity woes:
"Maybe the [board of directors] could see its way clear to drop all senior executive bonuses in each year where their systems are hacked. Security issues would get priority really fast."Related Article: Wells Fargo Is Latest Bank to Report Website Disruptions (Image: Fotolia)
On the use of spreadsheets to track trades:
"No wonder there's fraud. Why not incorporate 'notes from mom' as well into the accounting process!"Related Article: Fraud by Rogue Traders Is Absurdly Easy to Stamp Out (Image: Fotolia)
On whether Dodd-Frank promotes or eliminates 'Too Big to Fail':
"There may not be statutory language that adopts it as a national policy, but … TBTF is alive and well in the U.S."Related Article: Romney Presses Attack on Obama Over 'Too Big to Fail,' QM Rule Pictured: House Representative Barney Frank and Chris Dodd(Image: Bloomberg News)
On New York Attorney General Eric Schneiderman's mortgage task force:
"Will the NY AG also be going after Barney Frank and Chris Dodd, and other legislators that received sweetheart loans, plus the regulators that forced banks (CRA) to make non-creditworthy loans?"Related Article: N.Y. AG Says Mortgage Task Force Just Getting Started
On how Comptroller Thomas Curry could better defend the OCC's existence:
"He can … change the agency's philosophy, stop acting like a bank trade association and begin acting like a bank regulator."Related Article: Curry: 'I Absolutely Disagree' with Bair on OCC Abolishment (Image: Bloomberg News)
On former FDIC chairman Sheila Bair's book:
"What was once 'rumored' as 'tension' between Bair and Geithner during the crisis is now clearly settled. There was no tension but rather disdain and a lack of trust between the two."Related Article: Seven Explosive Details from Bair's New Book (Image: Bloomberg News)
