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No, I don’t think I like this idea at all

In a statement, Mr Biden demanded “accountability for those responsible for this mess”, adding: “No one is above the law.”

“When banks fail due to mismanagement and excessive risk taking, it should be easier for regulators to claw back compensation from executives, to impose civil penalties, and to ban executives from working in the banking industry again,” the US President said.

In the American system those senior regulators are political appointees, changing with each Administration. That’s a hell of a lot of power to put into the hands of the next admin’s folk. You know, all your past paychecks are belong to us sort of power?

4 thoughts on “No, I don’t think I like this idea at all”

  1. It also misses the point. None of the buggers was jailed last time round. Even if crime wasn’t the major cause of the schemozzle there was doubtless plenty of crime going on. Knowing that their antics might cause their crimes to be revealed would be a useful disincentive to recklessness.

  2. It seems to me that banking got on pretty well for three hundred years (Baring sic the odd hiccup ha ha) while they were being run by bankers and only went to shit when politicians stuck their oar in.

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