Skip to main content

View Diary: Too Big to Jail? (158 comments)

Comment Preferences

  •  Even if it's the lowest bidder? (4+ / 0-)
    Recommended by:
    PhilJD, divineorder, mrkvica, Kimbeaux

    Even if you have a very old relationship with that bank? Even if you already have a bunch of deals and accounts active with it that would be hard to swap out? Even if that bank is tops in the specific area you are considering it for?

    I'm not so sure. In business these days, it's profits before ethics.

    Having said that, though, a bit over 20 years ago I was working for a major Wall St. firm that was involved in a huge financial scam (that I and my division had nothing to do with as it was in S&T and I was in IT supporting the IB). It ended up getting slapped with a huge fine plus other penalties, and while it was able to afford this, barely, it was so weakened by this that it got bought out several years later. I left not long after it happened so I'm not sure whether it was the penalty itself or other firms no longer doing business with it that did it in, but your point is clearly not without merit.

    Still, from a macro economic pov, I think we can manage this without taking down the financial sector or economy, if done properly. Even if these banks go down, their healthier and non-complicit divisions will just end up being incorporated into other banks, either directly or effectively.

    "Liberty without virtue would be no blessing to us" - Benjamin Rush, 1777

    by kovie on Wed Apr 03, 2013 at 10:28:32 AM PDT

    [ Parent ]

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site