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Wednesday, November 9, 2011

UPDATE 12.7.11 CORZINE: Hold Bankers Financially Responsible

Hey Barry:

A NYT writer has called for an end to bonuses for bankers.

http://www.nytimes.com/2011/11/08/opinion/end-bonuses-for-bankers.html

It's a good idea but it does not go far enough.

Here's a better idea: Require that bank executives personally guarantee that their decisions won't harm any shareholders or depositers.

I know that we can pursue corporate officers after they are convicted of a crime, but with a direct indemnification, I am pretty sure we can recover money more quickly.

Of course the FDIC already protects depositors, but nobody protects the poor bank shareholders.

Sob.

Itsa little tongue-in-cheek idea, but it has a point.

Here's the point:

The current system gives bankers incentives to create great fortunes by stealing from their depositors and shareholders.

That's just not right.

UPDATE 12.7.11: Y'all can watch Jon Stewart eviscerate Jon Corzine and the whole 'gimme, gimme' culture that is our financial system:

http://dealbook.nytimes.com/2011/11/09/the-daily-show-addresses-the-walking-debt/?WT.mc_id=MO-PS-E-PS-TXT-DBOOK-ROS-1211-NA&WT.mc_ev=click

So, let's take away that incentive to steal by requiring bankers to pledge their personal assets as performance guarantees.

'Put your money where your mouth is.'

Whattya say Barry, it makes sense don't it?

That way we can sue 'em when they screw up with our money.

Your pal,

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