Pilant's Business Ethics

Business Ethics Blog

Tag: Investment bankers

5 reasons why banks hate [and fear] Elizabeth Warren (via Eideard)

5 reasons why banks hate [and fear] Elizabeth Warren

I’m sorry, Congressman, you’re small-minded, too! Daylife/Reuters Pictures used by permission Elizabeth Warren, it’s not you they hate. It’s what you represent. You want to be an honest cop when so many before you in Washington have looked the other way and pretended that the banking industry could police itself. I can’t think of a better reason why this presidential adviser shouldn’t be the new chief of an unfettered Consumer Financial Protectio … Read More

via Eideard

I couldn’t agree more. An honest broker is the last thing the large banks can stand. They want the status quo of unaccountability to continue forever. We’re just sheep to be sheared under current law. Even knowing what shenanigans the industry is up to is very difficult.

Let’s get Elizabeth Warren confirmed.

James Pilant

From around the web.

From the web site, leaf  – stitch – word. (An unusual endorsement. jp)

http://leafstitchword.wordpress.com/2013/06/30/thank-you-elizabeth-warren/

I’m really glad she won the November 2012 Senate race against Scott Brown.
And I’m really glad that Jimmy had the presence of mind to make a
contribution to her campaign and ask volunteers to install one of her
giant signs in our front yard. The sign came on a giant wooden stake
that, since mid-November, has been resting against the wall of our
garage, too tall to put in a trash barrel. Today I cut and drilled that
scrap to make a hanger for bike helmets on the garage wall.

From the web site, The Web of Debt Blog.

http://webofdebt.wordpress.com/2013/06/14/elizabeth-warrens-qe-for-students-populist-demagoguery-or-economic-breakthrough/

On July 1, interest rates will double for millions of students – from 3.4% to 6.8% – unless Congress acts; and the legislative fixes on the table are largely just compromises. Only one proposal promises real relief – Sen. Elizabeth Warren’s “Bank on Students Loan Fairness Act.” This bill has been dismissed out of hand as “shameless populist demagoguery” and “a cheap political gimmick,” but is it? Or could Warren’s outside-the-box bill represent the sort of game-changing thinking sorely needed to turn the economy around?

Warren and her co-sponsor John Tierney propose that students be allowed to borrow directly from the government at the same rate that banks get from the Federal Reserve — 0.75 percent.

From the web site, Politics USA.

http://www.politicususa.com/2013/05/09/elizabeth-warren-reminds-corporate-controlled-senate-work.html

Sen. Warren said, “Some people say that we can’t afford to help our kids
through school by keeping student loan interest rates low,” said
Senator Warren. “But right now, as I speak, the federal government
offers far lower interest rates on loans, every single day – they just
don’t do it for everyone. Right now, a big bank can get a loan through
the Federal Reserve discount window at a rate of about 0.75%. But this
summer a student who is trying to get a loan to go to college will pay
almost 7%. In other words, the federal government is going to charge
students interest rates that are nine times higher than the rates for
the biggest banks – the same banks that destroyed millions of jobs and
nearly broke this economy. That isn’t right. And that is why I’m
introducing legislation today to give students the same deal that we
give to the big banks.”

Enhanced by Zemanta

The Ethics Sage Responds to the Post: Maybe It’s Time For A Movement – A Movement That Moves Beyond Doing Good To Doing Right (via First Friday Book Synopsis)

Steven Mintz

The Ethics Sage, Steven Mintz, comments on an earlier post.

Yes. We can do what is difficult but the first step is recognizing there is a problem. I haven’t seen that from any of our leaders and it’s certainly not discussed in the media. The work ethic and hunger for learning that once existed no longer is there. We have become a soft nation; too many have had it too good for too long. It used to be young people were motivated to succeed at least in part to have it better than their parents. Since they have been given everything they need and want, what’s left? The problem is exacerbated by our instant access culture. Press a button and you have what you want. Go on the Internet and download what you need. We are not a doing society anymore. We are a let others do it for us society. It has taken its toll and those of us who are trying to educate young people are constantly frustrated by the prevailing mentality of students — tell me what I need to know to get the highest grade or best job. I don’t have any answers because I don’t think many people recognize the problem or, if they do, it’s easier to just make believe it doesn’t exist.

Good Words. I, too, see a lack of leadership on moral issues. But we really can’t have a national dialogue without enforcement of the law against the financial sector. When we read daily of the profits of investment bankers against a back drop of investigative reports showing their culpability in financial disaster, it is difficult to tell anyone that high ethical standards are important. Just the opposite. The great investment banks live for profit without any consideration of any moral or ethical principle. They are willing to participate in the destruction of democracies, economies and the, occasional, forest; if it makes money.

In the next life they will be punished. I find that cold comfort when their actions are solid evidence that an immoral corporate culture can make you rich.

These people do not deserve their money. They do not deserve the high opinion in which they are held. They do not deserve the influence they have over the lives of others.

 

James Pilant

They do deserve salaries in proportion to what they produce, not a comical casino profit insured from blunder by the government, but salary based on value produced. Those among them who have committed crimes, prison sentences and confinement in real prisons with real prisoners. These captains of investment deserve to be rated according the their actual accomplishments and abilities not held up as examples to steer youth into ruthless pursuit of gain.

 

The culture I want rewards people based on their merits and at the very least values the common brotherhood of all human kind.

James Pilant

Powered by WordPress & Theme by Anders Norén