Corruption

[counter_violent]

What a sensible chappy exposing useless politicians and regulators.

 

[Forexmospherian]

Commercial financial institutions are really too clever for their own good

Bankers and commercial traders make double glazing salespeople and second hand car salesman - as well as estate agents all look like saints

They need totally exposing as this biggest crooks in business - but I dont think that will ever happen while we have the present systems in place

Its a shame really - and here's them thinking retail traders are all rogues - they need to really look in the mirror more - ;-))

 

[counter_violent]

Commercial financial institutions are really too clever for their own good

Bankers and commercial traders make double glazing salespeople and second hand car salesman - as well as estate agents all look like saints

They need totally exposing as this biggest crooks in business - but I dont think that will ever happen while we have the present systems in place

Its a shame really - and here's them thinking retail traders are all rogues - they need to really look in the mirror more - ;-))

It's just a small part of a much bigger problem that is "corporate capitalism"

 

[timsk]

Everything Greg Smith says makes perfect sense and, IMO, the financial system would be much stronger and safer if it adopted his ideas. It won't, of course, because short term greed will always win out. The only time that real change will take place is when the government of the day refuses to bail out the banks and they are allowed to fail and, potentially, the entire financial system collapses and then has to to be re-built from the ground up. Until then, the status quo will remain and Mr. Smith will - for the most part - just be bashing his head against a brick wall.
Tim.

 

[China Diapers]

Their time will come, new technologies will come along which will reduce barriers to entry and monopolies in financial services. Banks will go the way of the dinosaurs.

 

[China Diapers]

Their time will come, new technologies will come along which will reduce barriers to entry and monopolies in financial services. Banks will go the way of the dinosaurs.

For example did you see that State Street has banned it's employees from participating in peer to peer lending?

Edit: Oops it was Wells Fargo http://www.ft.com/cms/s/0/f3135594-7f82-11e3-b6a7-00144feabdc0.html#axzz2u4mLWnQM

 

[LiquidGenius]

When anyone can cheat and get away with it they almost always do. At least a little bit. But when you're playing with the big boys a "little" isn't quite so "little".

 

[Splitlink]

Greed brings them down, in the end.

There is a case here, in Spain, of a man, named Barcenas, ex-treasurer of PP, at present, in government , who had millions of contribution payments, black money, passed to him during the pre-election period.

Well over 40 million euros were squirreled away in Switzerland, and other spots.

How did he get caught? He tried to take advantage of the tax amnesty that Rajoy introduced for a period. He declared a good part of it and got thrown into gaol, where he is awaiting trial for theft. A big embarrassment to PP. He claims to have passed money to all kinds of people, in government, all hotly denied, of course. Poluiticians are, all, whiter than white.

The case is in Wiki, in English, for anyone interested, under Barcenas.

All the money that he recieved was donated by privated companies. Imagine that!
He only swiped a portion of it. None of it was taxed at source, or afterwards. So big business is, very much, involved, and guilty of tax evasion.

I wonder how much was involved. over the years, in permits to build on flood plains?

 

[Atilla]

Greed brings them down, in the end.

There is a case here, in Spain, of a man, named Barcenas, ex-treasurer of PP, at present, in government , who had millions of contribution payments, black money, passed to him during the pre-election period.

Well over 40 million euros were squirreled away in Switzerland, and other spots.

How did he get caught? He tried to take advantage of the tax amnesty that Rajoy introduced for a period. He declared a good part of it and got thrown into gaol, where he is awaiting trial for theft. A big embarrassment to PP. He claims to have passed money to all kinds of people, in government, all hotly denied, of course. Poluiticians are, all, whiter than white.

The case is in Wiki, in English, for anyone interested, under Barcenas.

All the money that he recieved was donated by privated companies. Imagine that!
He only swiped a portion of it. None of it was taxed at source, or afterwards. So big business is, very much, involved, and guilty of tax evasion.

I wonder how much was involved. over the years, in permits to build on flood plains?

Anybody seen American Hustle? Great film imo. At the end I was rooting for the bad guys.

In economics there are what is termed costs of transaction. ie., search, legal, bank charges, information, research etc etc.

One could be more liberal and expand these cost of transactions. The Economists magazine once reported on Entertainment costs. These are permissible costs entertaining buyers. You get the picture? Japan had topped the list coming first at the time whilst Germany was second and GB somewhat lower down that list.

What is a bribe? What is a gift? What is a reward? What is simply down payment to expedite one possible probable outcome. So it could be argued as being a good thing. Getting the contract. Getting the job done quickly.

Alternatively, if subsequent benefits aren't shared out and the decision making process becomes too concentrated in well defined bottlenecks then this becomes an issue.

Being devils advocate here but €45m sounds like a very small sum to essential services rendered to me.

 

[spreader_legger]

Commercial financial institutions are really too clever for their own good


Its a shame really - and here's them thinking retail traders are all rogues - they need to really look in the mirror more - ;-))

I'd say most retail traders are chumps not rogues lol. Now vendors .... That's another matter. But I guess most of these are failed retail traders ..... And so the wheel turns ;-)