We needa new Volker rule for banks
It’s time for our financial institutions to get back to basics: making money off good customer service – not wild speculation. FORTUNE — Financial reformers are pointing to the collapse of the $41 billion MF Global brokerage…
The Volcker rule should be once again part of our financial system. As of now, we have the most corrupt banks and investment banks. People should go to jail. But under Obama, no one has gone to jail. People have lied to Congress. And what happens? They get off scott free. This is because Senators, Congress people and the President are getting paid lobbyist money for scamming the country. Well the whole government, the way it is now set up, is a scam, with money constantly passing from lobbyists to government officials, especially elected officials.
In addition, we should bring back the Glass Steagall Act, enacted by FDR in the 1930’s, after the collapse of the banks. The Glass Steagall Act was to separate banks from investment banks so there was no proprietary trading by banks, as per Volcker rule. Pres. Clinton, Treasury Sec. Robert Rubin and Senator Phil Gramm negated the Glass Steagall Act. This allowed the banks to collateralize good and bad mortgages as a bundle and sell it to investors. The investment banks carried our securitized bundles of bad and good mortgages and sold to clients. Goldman Sachs bet against their clients, with the knowledge that these securitzed mortgage bundles would fail, yet they told clients they were a safe bet. But no one has gone to jail for all this corruption which brought the US and world to its knees. Where is Obama, the Justice Dept., the Senate, the House of Representatives, the SEC, the regulators and others who oversee the banks? They are out of sight. We have the most corrupt government in the world. There should be term limits for Senators and Congress people. And there should be elimination of lobbyist money to legislators, the president and other members of government. Lobbyists and corporations control our country. We are no longer “a government by the people and for the people’. We are “a government for the legislators and the president and the lobbyists.