Is Banking WorldWide, and in the US, in a Crisis? Let's take a look
11/23/13 Are Rating Agencies Truly Independent?
11/20/13 Are US Banks Solvent? Data says no.
11/20/13
A Two Tier Society? Retail patterns reflect societal patterns
The Four Largest Banks Credit Worthiness Downgraded. What does it mean?
First some information.
A view shows the Standard & Poor's building in New York's financial district February 5, 2013.
Credit: Reuters/Brendan McDermid
NEW YORK (Reuters) - Regulators are unlikely to take action to address the way rating agencies are rewarded for their work, despite concerns that the current practice involves conflicts of interest that helped enable the financial crisis, an official of Occupy Wall Street said on Tuesday.
Regulators "don't seem to have plans to change the underlying incentives in the system," Cathy O'Neil, principal with the Alternative Banking Group of Occupy Wall Street, told the Reuters Global Investment Outlook Summit.
Lawmakers and analysts have worried that the longstanding practice in which the debt issuer pays agencies to rate the strength or weakness of a debt instrument influences the agencies' decisions.
Regulators unlikely to change rating agency incentives: Occupy Wall Street
A view shows the Standard & Poor's building in New York's financial district February 5, 2013.
Credit: Reuters/Brendan McDermid
NEW YORK (Reuters) - Regulators are unlikely to take action to address the way rating agencies are rewarded for their work, despite concerns that the current practice involves conflicts of interest that helped enable the financial crisis, an official of Occupy Wall Street said on Tuesday.
Regulators "don't seem to have plans to change the underlying incentives in the system," Cathy O'Neil, principal with the Alternative Banking Group of Occupy Wall Street, told the Reuters Global Investment Outlook Summit.
Lawmakers and analysts have worried that the longstanding practice in which the debt issuer pays agencies to rate the strength or weakness of a debt instrument influences the agencies' decisions.
I've not read all of your links, but I have taught in a graduate school of business and noticed that most of the students were concerned about only one thing, and that was making money. We all know that collecting interest and fees does not make anything--in other words, it adds nothing to the economy, only lines the pockets of the collectors--banks.
For the past four years, the Fed has been lending money at either no interest or almost no interest to banks so that they can "stimulate" the economy. While the banks have been investing in the stock market and profiting greatly from it, they have not lent that money to small business where it could create jobs. Instead, they have continued to engage in "bait and switch" tactics with credit cards, increased fees for minor discrepancies, and continued mortgage practices that led to the recession we are in. All the while giving huge bonuses to the criminals who masterminded the downfall in the first place.
We all need to quit these banks like Ed Phillips writes, and join local banks and credit unions, more interested in local development and not lining their own pockets.
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