From LaVern F. Isely
Monroe
To the editor:
What's happening to our banking industry? I've read it's the five-year anniversary of Lehman Brothers going bankrupt, that two major magazines talked about new regulations in the investment banking world to make it safer and better in Businessweek, as well as in Time magazine.
It's making the banks bigger in size and worse in safety because of lack of federal regulators regulating the banks. The Dodd-Frank bill, which was supposed to make it safer, decided to let the banks regulate themselves and have a two-tiered banking system. One more or less for the common people in rural areas and the other for Wall Street and the investment bankers, which will be regulated by no one but itself.
Due to the fact that Eugene Ludwig makes $30 million a year looks like he might be an honest businessman. His second-tier banking system, made up of private equity, will finance anything in the world, regardless of how risky because they are using those unregulated, toxic derivatives to finance their products.
After all, the taxpayer bailed us out once, so how can we fail, if we got into trouble again. Hardly anyone went to jail, even though they should, if we would have an FBI and attorney general watching them. All you people that believe in fairness, should read both articles in the September 23, 2013 issue of Time magazine on page 36 titled "Oversight for Hire" by Massimo Calabresi. Then read the one on page 30 titled "The Myth of Financial Reform" by Rana Foroohar about the secrecy of shadow banking and then call your legislators.
We can't keep our economy going forever with borrowed money and the second-tier system of banking is exporting jobs out of this country for the cheap labor market. These two things are killing the capitalist system.
We'd be much better off to borrow money from ourselves rather than trusting the shadow banking system and pay the customer a decent CD interest rate than borrowing from foreign governments like China. What the stock market is doing is driving money from the banking system into the stock market that is being run by overpaid CEOs. Many of them in hedge funds and private equity that are not government insured. So, as customers, you can find out that your pension funds even got stolen by these same big companies that are tax cheats themselves.
Monroe
To the editor:
What's happening to our banking industry? I've read it's the five-year anniversary of Lehman Brothers going bankrupt, that two major magazines talked about new regulations in the investment banking world to make it safer and better in Businessweek, as well as in Time magazine.
It's making the banks bigger in size and worse in safety because of lack of federal regulators regulating the banks. The Dodd-Frank bill, which was supposed to make it safer, decided to let the banks regulate themselves and have a two-tiered banking system. One more or less for the common people in rural areas and the other for Wall Street and the investment bankers, which will be regulated by no one but itself.
Due to the fact that Eugene Ludwig makes $30 million a year looks like he might be an honest businessman. His second-tier banking system, made up of private equity, will finance anything in the world, regardless of how risky because they are using those unregulated, toxic derivatives to finance their products.
After all, the taxpayer bailed us out once, so how can we fail, if we got into trouble again. Hardly anyone went to jail, even though they should, if we would have an FBI and attorney general watching them. All you people that believe in fairness, should read both articles in the September 23, 2013 issue of Time magazine on page 36 titled "Oversight for Hire" by Massimo Calabresi. Then read the one on page 30 titled "The Myth of Financial Reform" by Rana Foroohar about the secrecy of shadow banking and then call your legislators.
We can't keep our economy going forever with borrowed money and the second-tier system of banking is exporting jobs out of this country for the cheap labor market. These two things are killing the capitalist system.
We'd be much better off to borrow money from ourselves rather than trusting the shadow banking system and pay the customer a decent CD interest rate than borrowing from foreign governments like China. What the stock market is doing is driving money from the banking system into the stock market that is being run by overpaid CEOs. Many of them in hedge funds and private equity that are not government insured. So, as customers, you can find out that your pension funds even got stolen by these same big companies that are tax cheats themselves.
