美国总统候选人炮轰华尔街
2016-04-02Richard美国总统候选人希拉里·克林顿表示：“我已经说过，如果大银行不按照规则运行，我就解散它们！(I’ve said if the big banks don’t play by the rules, I will break them up.)”。
美国总统候选人伯尼·桑德斯表示：“华尔街的商务模式就是欺诈！(The business model of Wall Street is Fraud)”。
原文链接节选：“Bernie’s Right. Wall Street’s Business Model Really Is Fraud.”
“I’ve said if the big banks don’t play by the rules, I will break them up.” — Hillary Clinton
Our nation’s largest and most powerful banks have repeatedly engaged in widespread fraud, causing both individual suffering and a recession that millions of Americans are still living through today.
They continued to commit the same frauds after the American people rescued them, and after they promised to stop as part of some major settlement agreements. There’s no reason to believe they’ve stopped today, and every reason to believe they haven’t.
Fraud is an essential part of Wall Street’s DNA. A 2015 survey, commissioned by law firm Labaton Sucharow, found that a deeply immoral culture had taken root among British and American bankers.
The survey showed that bankers’ ethical behavior is bad and getting worse. The percentage of bankers who believed their own colleagues had engaged in illegal or unethical behavior has nearly doubled since 2012. More than one-third of those earning $500,000 or more annually said they had first-hand knowledge of wrongdoing in the workplace. It also showed that financial institutions seem to condone, encourage, and protect illegal behavior. The survey found that “nearly one-third of respondents (32 percent) believe compensation structures or bonus plans in place at their company could incentivize employees to compromise ethics or violate the law.” And it found “a proliferation of secrecy policies and agreements that attempt to silence reports of wrongdoing ...”
William Dudley, president of the Federal Reserve Bank of New York, said in 2013 that there was an “important
problem evident within some large financial institutions—the apparent lack of respect for law, regulation and the public trust,” adding: “There is evidence of deep-seated cultural and ethical failures ...”
Which gets us to Bernie Sanders’ often-repeated refrain that “the business model of Wall Street is fraud.” A “business model” is a plan for making money. Is fraud really an essential part of the way Wall Street banks make money?
When it comes to retail banking — serving ordinary customers — they’ve already all but admitted it. After Congress moved to restrain some of the banks’ cheating and overcharging, a JPMorgan Chase executive said that customers with less than $100,000 in investments and assets would no longer be “profitable” for the megabank.
That’s tantamount to confessing that they need to bilk ordinary customers — by doing things like hiding overdraft
charges, making checks bounce by manipulating the order in which they’re cashed, and charging excessive ATM fees — in order to make money as a consumer bank.
But that’s not the only line of business where banks commit fraud. The major offensescommitted by our largest banks include “price fixing, bid rigging, market manipulation, money laundering, document forgery, lying to investors, sanctions-evading, and tax dodging.”
Wall Street has now paid more than $200 billion in fines and settlements for fraudulent activity. This almost
unimaginable sum can be broken down into slightly more digestible (though still enormous) portions by looking at the amounts paid by individual banks.
Play by the rules? For bankers, Rule #1 is “win at any cost.” As long as they can commit fraud without suffering personal consequences, fraud will be the business model for Wall Street.
美国总统候选人炮轰华尔街
2016-04-02Richard美国总统候选人希拉里·克林顿表示：“我已经说过，如果大银行不按照规则运行，我就解散它们！(I’ve said if the big banks don’t play by the rules, I will break them up.)”。
美国总统候选人伯尼·桑德斯表示：“华尔街的商务模式就是欺诈！(The business model of Wall Street is Fraud)”。
原文链接节选：“Bernie’s Right. Wall Street’s Business Model Really Is Fraud.”
“I’ve said if the big banks don’t play by the rules, I will break them up.” — Hillary Clinton
Our nation’s largest and most powerful banks have repeatedly engaged in widespread fraud, causing both individual suffering and a recession that millions of Americans are still living through today.
They continued to commit the same frauds after the American people rescued them, and after they promised to stop as part of some major settlement agreements. There’s no reason to believe they’ve stopped today, and every reason to believe they haven’t.
Fraud is an essential part of Wall Street’s DNA. A 2015 survey, commissioned by law firm Labaton Sucharow, found that a deeply immoral culture had taken root among British and American bankers.
The survey showed that bankers’ ethical behavior is bad and getting worse. The percentage of bankers who believed their own colleagues had engaged in illegal or unethical behavior has nearly doubled since 2012. More than one-third of those earning $500,000 or more annually said they had first-hand knowledge of wrongdoing in the workplace. It also showed that financial institutions seem to condone, encourage, and protect illegal behavior. The survey found that “nearly one-third of respondents (32 percent) believe compensation structures or bonus plans in place at their company could incentivize employees to compromise ethics or violate the law.” And it found “a proliferation of secrecy policies and agreements that attempt to silence reports of wrongdoing ...”
William Dudley, president of the Federal Reserve Bank of New York, said in 2013 that there was an “important
problem evident within some large financial institutions—the apparent lack of respect for law, regulation and the public trust,” adding: “There is evidence of deep-seated cultural and ethical failures ...”
Which gets us to Bernie Sanders’ often-repeated refrain that “the business model of Wall Street is fraud.” A “business model” is a plan for making money. Is fraud really an essential part of the way Wall Street banks make money?
When it comes to retail banking — serving ordinary customers — they’ve already all but admitted it. After Congress moved to restrain some of the banks’ cheating and overcharging, a JPMorgan Chase executive said that customers with less than $100,000 in investments and assets would no longer be “profitable” for the megabank.
That’s tantamount to confessing that they need to bilk ordinary customers — by doing things like hiding overdraft
charges, making checks bounce by manipulating the order in which they’re cashed, and charging excessive ATM fees — in order to make money as a consumer bank.
But that’s not the only line of business where banks commit fraud. The major offensescommitted by our largest banks include “price fixing, bid rigging, market manipulation, money laundering, document forgery, lying to investors, sanctions-evading, and tax dodging.”
Wall Street has now paid more than $200 billion in fines and settlements for fraudulent activity. This almost
unimaginable sum can be broken down into slightly more digestible (though still enormous) portions by looking at the amounts paid by individual banks.
Play by the rules? For bankers, Rule #1 is “win at any cost.” As long as they can commit fraud without suffering personal consequences, fraud will be the business model for Wall Street.