<div dir="ltr"><div class="gmail_default" style="font-family:comic sans ms,sans-serif;font-size:small;color:#000000"><br></div><div class="gmail_extra"><br><div class="gmail_quote">On Thu, Apr 14, 2016 at 6:22 AM, Henry Rivera <span dir="ltr"><<a href="mailto:hrivera@alumni.virginia.edu" target="_blank">hrivera@alumni.virginia.edu</a>></span> wrote:<br><blockquote class="gmail_quote" style="margin:0 0 0 .8ex;border-left:1px #ccc solid;padding-left:1ex"><div dir="auto"><span class=""><div></div><div><br></div><div>On Apr 12, 2016, at 10:06 AM, William Flynn Wallace <<a href="mailto:foozler83@gmail.com" target="_blank">foozler83@gmail.com</a>> wrote:<br></div><blockquote type="cite"><div dir="ltr"><div class="gmail_extra"><div class="gmail_quote"><div><br></div><div><div style="font-family:'comic sans ms',sans-serif;font-size:small;color:rgb(0,0,0);display:inline">I see in the paper today that Goldman Sachs has been fined $5 billion dollars by the gov for misleading investors around 2008. So if individuals are not being punished, at least some companies are. You have to wonder who got the axe in these companies as a result of the crash that we just don't know about because it's not national news. I suspect that many got fired who aided the crash, but maybe that's just hope.</div></div><div><br></div></div></div></div></blockquote></span><div>According to this interview, this penalty is light and won't deter the problematic behavior. A cost/benefit analysis by the banks will lead them down this path again. And thus why would they bother firing staff (unless it's a PR move).</div><div><br></div><div><a href="http://www.pbs.org/newshour/bb/is-dodd-frank-missing-some-vital-regulatory-firewalls/" target="_blank">http://www.pbs.org/newshour/bb/is-dodd-frank-missing-some-vital-regulatory-firewalls/</a></div></div></blockquote><div><br></div><div><div class="gmail_default" style="font-family:'comic sans ms',sans-serif;font-size:small;color:rgb(0,0,0);display:inline">All true, I suppose. And the Dodd-Frank act hasn't been implemented to its fullest extent, by far. Again, I know little about finance and economics, but I do know people and without strong regulation crashes will keep on happening. It's the same old thing:</div></div><div><div class="gmail_default" style="font-family:'comic sans ms',sans-serif;font-size:small;color:rgb(0,0,0);display:inline"><br></div></div><div><div class="gmail_default" style="font-family:'comic sans ms',sans-serif;font-size:small;color:rgb(0,0,0);display:inline">Keep doing the same thing and you will keep getting the same results: short term profits and long term crashes.</div></div><div><div class="gmail_default" style="font-family:'comic sans ms',sans-serif;font-size:small;color:rgb(0,0,0);display:inline"><br></div></div><div><div class="gmail_default" style="font-family:'comic sans ms',sans-serif;font-size:small;color:rgb(0,0,0);display:inline">Give people a way to cheat and many will if it puts them above someone else, some other finance company, increases their bonuses, etc. It's the bad side of capitalism - too much competition leads to immoral and illegal behavior.</div> <div class="gmail_default" style="font-family:'comic sans ms',sans-serif;font-size:small;color:rgb(0,0,0);display:inline"> We see it in students, in athletes, everywhere. </div></div><div><div class="gmail_default" style="font-family:'comic sans ms',sans-serif;font-size:small;color:rgb(0,0,0);display:inline"><br></div></div><div><div class="gmail_default" style="font-family:'comic sans ms',sans-serif;font-size:small;color:rgb(0,0,0);display:inline">Win at any cost. This got us here, helped us evolve to this point, but now, like a too great fondness for sugar and fats and salt, it has become harmful in its excesses. </div></div><blockquote class="gmail_quote" style="margin:0px 0px 0px 0.8ex;border-left-width:1px;border-left-color:rgb(204,204,204);border-left-style:solid;padding-left:1ex"><div dir="auto"><div><br></div></div><div class="gmail_default" style="font-family:'comic sans ms',sans-serif;font-size:small;color:rgb(0,0,0);display:inline">bill w</div><br>_______________________________________________<br>
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