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09:49 AM on 04/19/2010
"if we "demonize" our big banks in this fashion, it will undermine our economic recovery and could weaken financial stability around the world."

The banks have caused this financial disaster and are now holding us hostage.
10:51 AM on 04/19/2010
Our demonized banks have already undermined our economic recovery, and our world financial stability! We are bailing them out just to be bent over again? Missappropriation of funds, greedy business practices, and helacious bonuses are # 1 reasons why Obama should stay on course AND ALLOW EVERY BANK, INSURANCE AGENCY, AUTO MANUFACTURER, ECT. to FALL!! NO MORE BAILOUTS! ALL REGULATIONS or LACK OF, NEED to be re-written and should apply to all!
If it shows that Politicians are amid the mix, let their names be plastered over the Media for their awful deeds, eventually kicking them out of office and putting them in JAIL where they belong!!!!
09:46 AM on 04/19/2010
" Our biggest banks, in effect, have become too big to be held accountable before the law."

The very same thing that can be said of our government.
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nirek
Proud progressive Vietnam vet. against WAR
09:44 AM on 04/19/2010
Back in the early eighties AT&T was broken up because it was too big and a monopoly .It was broken into 9 pieces , eight baby bells and AT&T. All nine companies were successful. Eventually some of them merged and all of them were bigger than the original company. America was prosperous.

We should learn from history. It would be good to break these mega-banks into several smaller companies.

Nirek
09:42 AM on 04/19/2010
Well, as an ex-banker I've gone through all the contortions I can think of. There was even one point last week when, after reading the Abaucus Prospectus, that I though that GS could/would find a "meritorious" defense. What a difference a weekend makes. You turn on CNBC and everyone, there, is chirpping away - this ain't so bad - we'll get through this. And then you look at the quarterly bonuses announced and what investment bankers did to pension plans and yes, grouseless, there is only one way to go. Break these banks up. Freeze further derivatives trading. More than ever we have to recognize that we are confronting behavior that constitutes a NEW threat to this society. Management at the TBTF fail banks have not just been ingenious in their securities design. They engage in activities that are beyond the scope of our laws to deal with, at least in manner that is timely enough to do any good.
People in my old profession have decided to go to war with the rest of us. GS has invoked Mutually Assured Destruction. We sit on a Hinge of History, to coin a phrase.
09:18 AM on 04/19/2010
I'd love to see something happen to these guys/institutions...
but I'm not gonna hold my breath.
I have this unsettling feeling, that nothing will happen...and if they get away with this....

I can also honestly say, I do not fear "terrorists"...I fear Goldman-Sachs, bank of America and Citibank much more. They've done more harm to this country than any "terrorist" group.
Al Qaeda would need to take lessons from these guys.
No big deal though, Right? Only our fellow Americans stabbing us in the financial backs. Like tha tlione from "Goodfellas" when Karen pulls a gun on Ray Liotta..."It's not enough I gotta worry about getting whacked out there, now I gotta watch out in my own home" (paraphrasing).

Thanks Wall St., life isn't hard enough...you have to pull this crqp on the American People?
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nirek
Proud progressive Vietnam vet. against WAR
09:48 AM on 04/19/2010
Fanned for an excellent post.

I too will not hold my breath, but wish to see these crooks in orange with ball and chains working on a road gang.

Nirek
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catbite
10:37 AM on 04/19/2010
Indeed, a very good post. And remember, much of this happened because the regulating officials did not do their jobs.
09:10 AM on 04/19/2010
Goldman IS too big to go to jail OR to be held accountable criminally. They have the BEST law firm EVER - Scalia, Roberts, Thomas & Alito, L.L.C.
(lifted from Bill Maher - BUT STILL TRUE!!!).
05:51 PM on 04/19/2010
leave it to Bill Maher

to nail it

another sad but true -

Right before our eyes we are seeing the entire US Government establishment unravel - surely no thinking American can have any faith in the Supreme Court

they have gone the way of Congressmen and Senators - just another arm of corporate america
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babyboomerorig
Senior, fearful and angry.
08:53 AM on 04/19/2010
Sen. Kaufman needs to keep that hammer handy. He's got a lot of work ahead of him.

He's the only one making any sense on the banks.
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Trojan
follow the moolah
08:37 AM on 04/19/2010
Martha Stewart served time. We'll see what happens now. The proof (of The American Takeover) will be in the pudding. I love hearing Rethugs still claim that we need more deregulation. "If men were angels, no government would be necessary." –James Madison
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ttowse
08:29 AM on 04/19/2010
Break up the big banks and prosecute the CEO's is a good start.

If the government would recover the bonus checks from record profits on Wall Street, the unpaid taxes from Haliburton shipping corporate headquarters to Dubai, and stop the fraudulent payouts to illegal Medicare recipients from stolen identies we would have more people working and would be able to pay for healthcare for all.

Why is the obvious always so hidden from those in office?