Martin O'Malley
Related: About this forumPrevent another crash, reform Wall Street, by Martin O'Malley
'Seven years after the Wall Street meltdown, Americans are still experiencing the fallout.
Although job creation rates and GDP along with bank bonuses and corporate profits are on the upswing, these statistics mask the lingering hardship of millions of families that traces back to Wall Streets reckless behavior. One study found that the crash cost every American $120,000.
We were forced to save our economy by bailing out big banks. Now, we have a responsibility to correct the mistakes of our more recent past to prevent another crash.
To do that, we must acknowledge that while it addressed inherent flaws in the financial system the 2010 Dodd-Frank Act did not go far enough.
The most serious structural reform we can make is reinstating the 1933 Glass-Steagall Act that kept commercial banks separate from investment banks. . .
tructural reforms arent enough. We must bring fundamental change to the culture of Wall Street, beginning with real accountability. To this day, the Justice Department and financial regulators have done virtually nothing to bring criminal charges or hold leadership accountable. Legal deterrents are critical for improving the culture of Wall Street and showing that fraudulent behavior will be punished.
We can solve this problem in a few ways. The first is to replace the leadership at banks that are repeat offenders. CEOs should not remain in charge of institutions that they have failed to manage properly.
Second, we must appoint people to positions attorney general and SEC chair for starters who will prosecute those who commit or permit crimes. Thus far, settlements have been nothing more than CEOs using shareholder money to buy their way out of jail.
Third, we must end the days of neither admit nor deny, and force law-breaking banks to publicly admit it. We have allowed big banks to avoid admitting guilt due to claims that it will cause them too much harm its time to end that game and let banks face the legal consequences and harm to their reputation.
Fourth, we must make banks bear the full weight of financial penalties. As unbelievable as it sounds, the worst actors on Wall Street have written off large portions of these penalties as if they were donations to charity.' >>>
http://www.desmoinesregister.com/story/opinion/columnists/caucus/2015/03/20/prevent-another-crash-reform-wall-street/25057735/
March 19, 2015, and a goodie.
seabeyond
(110,159 posts)walks like them. it is interesting. too good to hear. easy and clear for me.
obama was/is too nice. not me. not us, not the way the men talk in my life. kinda funny. obama, as a black man though, he certainly wasnt able and i think that helped to create the less aggressive.... that is the word. politely, civilly, bluntly, aggressive in language. now. some are saying gently aggressive. lol. that is an interesting quandy. gently and aggressive mixed into one.
anyway.
cool
this is what i wanted said.
FSogol
(46,525 posts)Raine1967
(11,607 posts)when it comes to candidates. And to be very honest, with the DoJ led by holder didn't do as much as I would have liked. I really liked Holder, but I also know that his hands were tied because of the repeal of Glass-Steagall Act. Martin makes some REALLY good suggestions. The bottom line is that the fines were nothing more than a drop in the bucket when it came to banks breaking the rules (or as I like to call it: THE LAW)
There is no denying that SoS Clinton has a lot of money in her campaign chest that comes from Wall street. https://www.opensecrets.org/politicians/contrib.php?cycle=Career&cid=n00000019
That is a fact. I don't know what the incentive is for her to champion real Wall Street Reform.
What O'MAlley offers is a way forward to prevent another economic disaster. Speaking for myself, that is important. President Obama turned the ship around, I believe that O'Malley can keep it going in the right direction.
People want to see Wall Street help accountable, Martin has a clear path as to how it could be done.
elleng
(136,064 posts)I think she has NO incentive to champion real reform, my #1 reason NOT to support her; same ole same ole. End of Glass Steagall was a REAL disaster, and we're stuck for a long time; need new policy from an administration and THEN, congress.