LOL, tell that to all the people who lost their houses and life savings.

Posted by The Taint on 3/23/2018 9:40:00 AM (view original):
How can banks get away with opening 10,000's of fake accounts in real peoples names?

Again not Banks --- one Bank. Wells Fargo. That is because of the over regulation and high goals people started doing nefarious things to achieve their plan and get paid and not get fired. This is the example of one kid out of 30 and then all the banks get punished. Again TARP was repaid and banks that did fail like Wachovia were acquired. Everyone got their money back.

Posted by The Taint on 3/23/2018 9:42:00 AM (view original):
LOL, tell that to all the people who lost their houses and life savings.

Hey people should be smarter than that. If a deal is too good to be true then it probably is. I agree that there were nefarious lenders out there who sold paper to the Banks and the banks were greedy as real estate always recovers, blah blah blah. Bear Stearns and Lehman failed because they were greedy. And many did lose but no one put a gun to their head to garner those mortgages. I understand where you are coming from but this actually started when the Internet bubble burst and our politicians eased home regulations so that "everyone could own a home".

I agree it was a bad time but consumers should be smarter.

Over regulation caused Wells Fargo to start opening fraudulent accounts in people's names?

The American people lost because the banks were greedy.

I don't give a **** about the transgressors.

Over regulation makes it more difficult for people to achieve their goals and they do nefarious things. Correct.

Like I said, they should have just let Goldman-Sachs, AIG, Freddie/FAnnie, GM, and all the others fail.

Posted by cccp1014 on 3/23/2018 9:53:00 AM (view original):
Over regulation makes it more difficult for people to achieve their goals and they do nefarious things. Correct.

Like you said, no-one is holding a gun to their head to make them do these things....greed did, not over-regulation.

Read Dino's post about people who make excuses for corporate entities but put down John Q. Citizen.

Posted by The Taint on 3/23/2018 9:52:00 AM (view original):
The American people lost because the banks were greedy.

I don't give a **** about the transgressors.

Corporations are always greedy. Firing people who have been there for 30 years and then paying CEOs $100mil. That is the way of capitalism. What you care or don't care about is irrelevant. In the end the consumer is responsible. They are still getting ripped off by companies who finance used cars but because they are smaller transactions no one says boo. A person with little money can but a used car for $8k and end up paying $30k for it after all the interest and fees over five years. Companies always prey on the dumb consumer. You cannot regulate EVERYTHING.

I think the Gov't should instead set up workshops to teach the consumer.

Explain to me how over regulation caused Wells Fargo to open fake accounts. I'm genuinely curious.

Posted by The Taint on 3/23/2018 9:54:00 AM (view original):
Like I said, they should have just let Goldman-Sachs, AIG, Freddie/FAnnie, GM, and all the others fail.

GS was not going to fail. If AIG failed the economy would really bottom out they were the insurer. Car companies, if they failed 1000s of small businesses and mid market firms that rely on that industry would fail too. That was not an option. The country would have imploded. All those companies repaid the Gov't loans with interest. I agree that Freedie and Fannie failed the consumer.

So you don't believe in the free market?

I believe in it but in dire emergencies sometimes you need a white knight. Obviously it worked out.

Posted by The Taint on 3/23/2018 9:56:00 AM (view original):
Explain to me how over regulation caused Wells Fargo to open fake accounts. I'm genuinely curious.

I run a group. My goal is to book $100k in net income. Because of my compliance costs I need to book $400k in revenue vs. $350k in revenue to garner this $100k. If I don't get the $100k I don't get a bonus and I may lose my job, etc. So I need to solve for the $50k. Each account counts as IDK $5k. I open these fake accounts to get the delta so I can get my bonus and save my job.

Posted by cccp1014 on 3/23/2018 10:12:00 AM (view original):
I believe in it but in dire emergencies sometimes you need a white knight. Obviously it worked out.

so you believe in it until its inconvenient.