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  • When Elephants Fight, The Grass Suffers 2 comments
    May 20, 2014 10:04 AM

    It's true that when elephants fight, it's the grass that suffers. I felt that this was the point of a fellow instablogger's recent post titled "Leave the Banks Alone".

    Like the recent revelations on Donald Sterling's view of African-Americans, the motives of those trying punish him for his transgressions seem to lack purity, and the people were undoubtedly motivated by money. But in the end, the impure motivations of the media in no way exonerates him of being a pompous, racist aristocrat.

    While many politicians may have the wrong motivations behind their attempts at "punishing" big banks for what happened during and since the financial crisis, the underlying idea is to change the banking industry in a way that makes it less likely that another such crisis can happen.

    Let's be clear. These banks knew that they were securitizing bad debts. These people aren't stupid. All they cared about were the profits. If they had a squeaky clean record since that time, I would be more inclined to agree that we should let them off for good behavior and move on. But they haven't. Currency manipulation. The Libor scandal. Fraudulent credit card practices. It makes you wonder sometimes if they're ever going to learn.

    In the end, I do believe it's a tragedy for the industry and its investors, especially because the investigation process has been so drawn out and the fines keep coming years later. And should the fines be going back to the taxpayers who bailed them out in the first place? Maybe. But I don't believe for one second that any of this is undeserved. And as painful as this process has been to the innocent bystanders, we can hope that it will ultimately lead to a healthier and more ethical industry.

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  • KJP712
    , contributor
    Comments (452) | Send Message
     
    Well written.We all know that banks made mistakes during the crisis.There comes a time when a page should be turned and people stop putting feathers in their caps or scoring points.Plus my financial stocks need a rest from the pounding....
    21 May 2014, 11:39 PM Reply Like
  • Anyoption
    , contributor
    Comments (506) | Send Message
     
    Author’s reply » I can definitely understand that point of view as well.
    22 May 2014, 08:26 AM Reply Like
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