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Moral outrage
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Of 21 reader comments to this piece on banker pay, all except for 4-5, were very critical of the bankers behaviour, including many of their colleagues in the financial industry who commented. The lack of any response from the FSA on the grounds that its not the FSA's job, or from the Treasury, is disconcerting. Treasury is said to have not said a word, when RBS hired a head trader for a rumored 7 million pounds. All this coming on the heels of the RBS and Lloyds debacle, makes the Labor government open to attack from the Conservatives under Osborne and Cameron. and from Mervyn King of the Bank of England. They have expressed strong disapproval of the busines as usual attitude of bankers.
Nationalization of banks in the U.S. in 2009
01/16/2009
As the crisis deepens and more banks become insolvent, nationalization has become a serious option for the government.
Grouped Articles
Irreversible Damage: Why Little Action on Banking Can Do Great Harm.
New York Times 04/30/2010
New York Times 03/06/2009
New York Times 04/01/2009
Rescue of Banks Hints at Nationalization
New York Times 01/16/2009
U.K. Boosts Its Bailout As Bank Losses Rise
Wall Street Journal 01/20/2009
New York Times 01/21/2009
The lack of action in the "too big to fail" and systemically important financial institutions area one year into the Obama administration.
04/21/2009
Regulatory reform proposals and other actions taken in the first 6 months still leave many banking and financial nstitutions that are too big to fail. Consolidations of banks have actually increasd their size. The dangers in additional bailout assistance if banks suffer huge losses.
Grouped Articles
GE Capital, AIG to Get More Government Oversight
Wall Street Journal 07/09/2013
Weâre All Still Hostages to the Big Banks
New York Times 08/25/2013
Wall Street Journal 05/01/2013
Economists Seek Breakup of Big Banks
Wall Street Journal 04/21/2009
Banks Need Fewer Carrots and More Sticks
Wall Street Journal 05/07/2009
What Does the Market Focus on After the Stress Tests?
Wall Street Journal 05/07/2009
Britain leads the way in requiring more liquidity at banks and in getting agreement to limit bonuses.
02/04/2009
Grouped Articles
Wall Street Journal 10/31/2013
Royal Bank of Scotland to Slash Costs as Losses Deepen
Wall Street Journal 02/28/2014
Bailed-Out Royal Bank of Scotland Sees Years of Losses
New York Times 02/27/2014
Wall Street Bonuses Are an Outrage
Wall Street Journal 02/04/2009
In U.K., Getting Tough With Nationalized Banks
Wall Street Journal 02/09/2009
U.K. Bankers to Wait Seven Years for Bonuses
Wall Street Journal 06/24/2015
Bank of England governor Mervyn King sees the need to breakup the biggest banks.
01/28/2008
Volcker in the USA and Mervyn King in England both agree that speculative and utility banking should be separated, and too big to fail banks broken up. Regulation to prevent a future banking crisis they agree is something of an illusion.
Grouped Articles
Weâre All Still Hostages to the Big Banks
New York Times 08/25/2013
BOE's King: Big Banks Should Get Broken Up
Wall Street Journal 10/21/2009
Britain and Its Central Bank Disagree on Banking Laws
New York Times 10/22/2009
Less Talk, More Action Needed by Fed
Wall Street Journal 10/24/2009
Fed's Tarullo Shakes Up Bank Rules
Wall Street Journal 10/26/2009
Economist 10/26/2009
Executive compensation on Wall Street: Assuaging public anger or the real thing
02/04/2009
Its not clear whether these controls on pay practices are adequate, or too little too late. With bills being watered down in Congress on derivatives trading and other risk prevention measures. The intense lobbying of the financial industry against prudent regulation. The voices of wiser minds like Volcker and Mervyn King of the Bank of England calling for strong action. And the jobless numbers going the other way. Most recently at the Barr Trucking Company in Indiana, where 500 resumes were received for a $13 an hour assistant position.
Grouped Articles
New York Times 12/27/2011
SEC Wants Boss-Employee Pay Gap on Display
Wall Street Journal 09/19/2013
S.E.C. Proposes Greater Disclosure on Pay for CEO's
New York Times 09/18/2013
A Better Way to Compare C.E.O. Pay
New York Times 09/21/2013
Wall Street Bonuses Are an Outrage
Wall Street Journal 02/04/2009
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
Nationalization of banks in the U.K.
10/13/2008
With the collapse of RBS and other banks nationalization is increasingly being considered as a serious option.
Grouped Articles
Bank Bailout Blues Stall U.K. Recovery
Wall Street Journal 05/14/2013
Wall Street Journal 06/13/2013
New York Times 06/12/2013
Irreversible Damage: Why Little Action on Banking Can Do Great Harm.
New York Times 04/30/2010
New York Times 04/01/2009
New York Times 10/13/2008
Business as usual at banks but serious operational problems says Whalen of Institutional Analytics in 2009
08/23/2009
A study of FDIC data for regional and community banks shows situation worsening in 4th quarter 2009. The stress tests for big banks use a 9% loss rate and we are already there says Whalen.
Grouped Articles
Second-Lien Loans May Prompt New Losses for Banks
New York Times 07/16/2011
A Dubious Way to Prevent Fiscal Crisis
New York Times 06/04/2010
What the Stress Tests Didn’t Predict
New York Times 08/23/2009
How the Fed Can Avoid the Next Bubble
Wall Street Journal 10/06/2009
Recession Spells End for Many Family Businesses
Wall Street Journal 10/06/2009
The Banking System Is Still Broken
Wall Street Journal 10/16/2009
Goldman Sachs CEO Blankfein.
10/10/2009
Goldman and its CEO continue to be unpopular with a public that is unhappy with the government help to the banks. Large bonuses make the situation even worse.
Grouped Articles
Goldman Bets Less and Takes Hit
Wall Street Journal 07/20/2011
Wall Street Journal 07/23/2013
Senior Executives at Goldman Had a Role in Mortgage Unit
New York Times 04/18/2010
Wall Street Journal 04/20/2010
Exit Shows Blankfein Still Rows Goldman
Wall Street Journal 10/22/2013
A Moot Effort to Burnish the Reputation of Goldman Sachs
New York Times 10/23/2013
The watering down of banking reforms in Congress.
10/15/2009
Not allowing states to regulate banks risks repeating some of the mistakes made in the events leading to the mortgage related global financial crisis,
Grouped Articles
Trench Warfare: Send In the Deputies
New York Times 04/16/2010
New York Times 04/18/2010
Obama Presses Regulators to Finish Financial Rules
Wall Street Journal 08/20/2013
Volcker Rule to Curb Bank Trading Proves Hard to Write
Wall Street Journal 09/10/2013
Compromise Bill Could Block States on Bank Rules
New York Times 10/22/2009
Obama Promises Butchers No New Financial Regulations
Unknown 10/25/2009
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