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SubwayGuy

GREAT article about corrupt banker types and how they should be taken to task

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http://www.huffingtonpost.com/robert-l-borosage/gut-check-time-on-shackli_b_219870.html

 

Don't even bother sending them to jail! Make them pay massive personal penalties. Tax all securities trades made by corporations. Ban complicated financial "tools" no one understands like these friggin derivatives that screwed everything up. Limit bonuses to 100% of annual salary for ALL employees (including stock options etc.). Get rid of tax shelters and impose US taxes on any offshore assets. If you are a US citizen you pay US taxes, done no questions asked. All payments from companies to rating agencies for rating services should be held in escrow from before the rating is released to after it is. Any company that won't pay for rating services is hit with a government penalty of 1% of their last year's assets. That huge fee should be a big deterrent. Any rating agency that still is proven to do their job wrong faces massive fines all for the govt.

 

Anyone convicted of a "ponzi scheme" or some other blatant rip off of the public will have ALL their earnings from that company (personal and company earnings and that includes gifts to wives and kids and husbands) taken 100% and given directly to the people they ripped off. THEN they will pay penalty taxes on the money they no longer have.

 

Hell put an outright ban on lobbying too. It's just a legalized form of bribery.

 

Create the consumer protection group, cap credit card interest rates at 20%, and require any servicers that use "online statements" to physically email them to you monthly instead of just expecting that you will check. Ban certain hidden fees and require 2 months notice when changing terms.

 

Then, last rule, 90% shareholder approval is required to boost any executive's contract salary in a public company past $1 million. You banks and other ripoff financial services companies don't like that? Tough, shouldn't have offered shares to the public.

 

It'd be GREAT if they'd punish the cracks that caused all this finally, because everything being done now is just deferring the REAL crash.

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I agree. Bernie Madoff should work the rest of his life paying off the people he owes money too. His house and all of his possessions should be sold.

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