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This is why we need to regulate the financial industry!

Discussion in 'Political Discussion' started by PatriotsReign, Mar 29, 2010.

  1. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    JPMorgan, Lehman, UBS Named in Bid-Rigging Conspiracy

    March 26 (Bloomberg) -- JPMorgan Chase & Co., Lehman Brothers Holdings Inc. and UBS AG were among more than a dozen Wall Street firms involved in a conspiracy to pay below-market interest rates to U.S. state and local governments on investments, according to documents filed in a U.S. Justice Department criminal antitrust case.

    None of the firms or individuals named on the list has been charged with wrongdoing. The court records mark the first time these companies have been identified as co-conspirators. They provide the broadest look yet at alleged collusion in the $2.8 trillion municipal securities market that the government says delivered profits to Wall Street at taxpayers’ expense.


    JPMorgan, Lehman, UBS Named in Bid-Rigging Conspiracy (Update1) - Bloomberg.com
     
  2. wistahpatsfan

    wistahpatsfan Pro Bowl Player

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    #75 Jersey

    Socialist!
     
    Last edited: Mar 29, 2010
  3. Mrs.PatsFanInVa

    Mrs.PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

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    #24 Jersey

    Does this mean that now you're ok with more government interference rather than less?
     
  4. wistahpatsfan

    wistahpatsfan Pro Bowl Player

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    #75 Jersey

    Who, me?:confused:
     
  5. Mrs.PatsFanInVa

    Mrs.PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

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    #24 Jersey

    No, sorry. I was talking to PR who started the thread.
     
  6. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    Instead of commenting on the topic, you immediately question (attack) me:confused:

    I don't get it. And you wonder why...never mind. Do you even try to look at subject content?

    Stick to the topic please MrsP!

    If ANYONE tells you that they are "ok with more gov't interference" without knowing "interference with what?" is a fool. I'm not a fool.

    Issues...evaluated one by one is all I'm interested in, not a blanket policy or party.
     
  7. Phokus

    Phokus Third String But Playing on Special Teams

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    Rob a grocery store and you're a dangerous felon.

    Rob the American people and you're a capitalist.
     
  8. mcgraw_wv

    mcgraw_wv In the Starting Line-Up

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    the entire idea of the Federal Reserve is a Bid-Rigging system, with a set of co-conspirators...
     
  9. wistahpatsfan

    wistahpatsfan Pro Bowl Player

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    #75 Jersey

    One of the few things the government is authorized to do by the Constitution is regulate interstate commerce. This clearly falls into that category. The problems we have today go back to when the DE-regulation of banks and other financial institutions happened that allowed the incestuous relationships we see on Wall Street today. You can get away with a lot when no one knows what you're doing.
     
  10. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    To say nothing about the incestuous relationship the industry has developed with our politicians! Just look at who runs the Fed and the Treasury!:rolleyes:
     
  11. Real World

    Real World Moderator Staff Member

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    This forum gets dumber by the minute.
     
  12. Mrs.PatsFanInVa

    Mrs.PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

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    #24 Jersey

    Since when does a question constitute an "attack?"

    I'm fine with the government regulating the financial industry - but I do understand that when you give anyone or anything the ability to "regulate" one specific thing you open the door to them being allowed to do it in others.

    Issue by issue is fine - but there's also the issue of "past practice," to consider - either you allow an entity (in this case the goverment) to set rules and regulations for many things or you prevent them from doing it at all.

    When you offer them one piece of pie willingly you effectively invite them to sit down at the table and have another.
     
  13. Phokus

    Phokus Third String But Playing on Special Teams

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    Only because you post in it.
     
  14. PatsWSB47

    PatsWSB47 Veteran Starter w/Big Long Term Deal

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    #12 Jersey

    Do you have anything to offer other than personal attacks?
     
  15. Real World

    Real World Moderator Staff Member

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    The answer is not a matter of more, or less. It's a matter of what's sensible, and what works best. Having 100 laws & regulations isn't necessarilly better than having 10, or vice versa.
     
  16. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    There is no "door to be opened" MrsP. The gov't already regulates industry in America. It has for years and as someone pointed out, it's in the constitution. Someone also pointed out that banks used to be more heavily regulated. So by implimenting strict regulations, it would not open the door to anything. The medical profession is regulated as is the food industry.

    I'm not sure what you're trying to say. Could you give me an example of what new doors would open and why that may set a precedent?
     
  17. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    Excellent point RW! It's all in the application/enforcement of regulation. We still have anti-monopoly laws, but they are no longer enforced much.
     
  18. Real World

    Real World Moderator Staff Member

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    I can't disgree. I must be a moron for wasting my time with the likes of people like you. It's no wonder that posters like Pujo, Wildo, putt, Stokes, Farmy, Shmessy, Michael, etc. have all pretty much left over the last year or so. By all means though, carry on.
     
  19. STFarmy

    STFarmy In the Starting Line-Up

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    I do miss Wildo. Couldn't disagree with him politically more, but I had fun talking to him. I pop in now and then, but most threads I don't even open, just based on their ridiculous/antagonistic titles. I honestly look at threads that you, PR, PFinVA, wistah, and other reasonable posters seem to be involved in. I know I'll get some information. Also, I check out Harry Boy, he's always made me laugh.
     
    Last edited: Mar 29, 2010
  20. Harry Boy

    Harry Boy Look Up, It's Amazing PatsFans.com Supporter

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    I miss Press Cover, I haven't been called "an old racist fool since he left"
     

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