Even if corporations are improperly designated too big to fail or be prosecuted, that is no excuse for not prosecuting those directly responsible for their crimes. They are protected and rewarded for their criminal acts. Nobody is that big!
Viewed in isolation, the fall of the EU in Britain and the rise of Donald Trump in the U.S. both reflect high-risk gambles by disillusioned voters to upend the establishment they blame for economic and cultural turmoil.
Does the question of morality have a place in the realm of banking and regulation? That it feels awkward to even raise the issue is convenient for bankers who engage in reckless and harmful activities every day without fear of punishment.
Bernie says the banks are too powerful so we need to break them up and reinstitute Glass-Steagall, the depression era legislation that separates high-risk investment banking from staid commercial banking.
The critics of the financial reform Dodd-Frank Act are fond of saying that it doesn't work -- some going so far as to say that the financial system is just as much at risk as it was in 2008, if not even more so.
Senator Sanders, I like you. I admire you. Most of the time, I wish that we had 99 more senators just like you. And I would, wouldn't I? I'm the kind of voter that you should have a lock on. But Senator, we have a problem, and it's a big one.
Recently, the financial reform proposals of Bernie Sanders and Hillary Clinton have gotten a flurry of press. Will either of them make us safer? Are economic experts using their professional expertise to judge them or blowing political and philosophical smoke?
Last spring, when for-profit Corinthian Colleges abruptly shut down under the weight of allegations of deceptive acts, Corinthian students had a choice under U.S. Department of Education rules. Now what?
Now that I have your attention, we can talk about the financial service needs of the working poor comprised of the financially disenfranchised, immigrants and lower tier of the middle class and which type of banking institution is positioned to best meet their needs.