The Sorry State of Bank Apologies

It doesn’t stop them from continuing to abuse the system. Confiscate the patents. Legislate property/land as a liability – rather than the replacement for gold and silver.

Justice League

Admitting a problem, as the cliché has it, is the first step to solving it. But with the Justice Department and the Securities and Exchange Commission, admissions of wrongdoing have been the last step. There’s much work to be done to hold giant corporations accountable for their misdeeds.

Over the last few years, the Justice Department and the S.E.C. have been assailed for delivering lashings to corporate malefactors that resemble a fanning with palm fronds. In response, the Justice Department and the S.E.C. would like us to think that they received the message and got tough. This summer, the Justice Department forced Credit Suisse and BNP Paribas to plead guilty to crimes. In some of its recent settlements, the S.E.C. has been requiring individuals and corporations admit that they did something wrong.

Such public statements of contrition have some degree of usefulness. It’s almost ridiculous that we consider it progress…

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One thought on “The Sorry State of Bank Apologies

  1. EVERYONE NEEDS TO READ THE FOLLOWING FROM THE COMPTROLLER OF CURRENCY, ADMINISTRATOR OF ALL BANKS. LOOK UP COMPTROLLERS HAND BOOK FOR NOVEMBER, 1997.. ASSET SECURITIZATION. ITS SAY BORROWER IS NUMBER 1 IN LINE TO THE SECURITIZATION PROCESS…THIS IS A FEDERAL GOVENMNET OFFICE STATING THE FACT WE ARE PART OF PSA.

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