Gretchen Morgenson is a interesting finance writer and she recently talked about in several interviews and articles about how years of tighter rules and banking regulation has done nothing to fix the toxic me-first culture of the financial firms. Gretchen complains that it is usually shareholders that suffer from the actions and illegal fraudulent activities of those in the financial industry who rarely have to face prison time for their actions.
Until this type of psychotic mental behavior is eventually curtailed there will continue to be systematic fraud in the world of stock trade and money manipulation that is enforcing an austerity to all those outside this industry. Morgenson mentioned that Barclays and credit Suisse were the latest financial institution to deceive its consumers in these cases involving claims that investors would not be preyed through deceptive high-frequency trading shticks. The ethics of these banks is appalling and basically more needs to be done to ensure a trusted banking sector than just saying more needs to be done and this should be the center piece of this campaign in the US. Morgenson and other academics say that holding the executives personally liable and hitting their personal pocketbooks and stock options would go a long way of making this sector comply more with the rules and regulations for a disciplined banking sector not dependent often on outside illegal money.
Gretchen says holding bankers themselves personally responsible for the damage done by the institutions they represent is what is needed for real reform and not just the usual talk. Billions in fines have done nothing to improve the culture of the financial institutions and this is a private industry that totally needs an overhaul and to be taken over by government to reign in the illegally and dark money that promotes a fraudulent monopolistic culture.
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