Robert Reich: How to Punish Bank Felons

[eridani]

http://www.nationofchange.org/2015/06/21/how-to-punish-bank-felons/

Real ex-convicts also have difficulty finding jobs. That’s because, rightly or wrongly, many people don’t want to hire them.

A strong case can be made that employers shouldn’t pay attention to criminal convictions of real people who need a fresh start, especially a job.

But giant banks that have committed felonies are something different. Why shouldn’t depositors and investors consider their past convictions?

Which brings us to Santa Cruz County.

The county’s board of supervisors just voted not to do business for five years with any of the five banks felons. The county won’t use the banks’ investment services or buy their commercial paper, and will pull its money out of the banks to the extent it can.

“We have a sacred obligation to protect the public’s tax dollars and these banks can’t be trusted. Santa Cruz County should not be involved with those who rigged the world’s biggest financial markets,” says supervisor Ryan Coonerty.

The banks will hardly notice. Santa Cruz County’s portfolio is valued at about $650 million.

But what if every county, city, and state in America followed Santa Cruz County’s example, and held the big banks accountable for their felonies?

What if all of us taxpayers said, in effect, we’re not going to hire these convicted felons to handle our public finances? We don’t trust them.

That would hit these banks directly. They’d lose our business. Which might even cause them to clean up their acts.

[mindwalker_i]

1. The taxpayers should demand this

At least put people running for office on record as to whether they support banks' continued commission of fraud.

[daleanime]

4. +1

[Dustlawyer]

2. Not until we have Publicly Funded Elections would it do any good. They will pay a fine and

and pay for a few things more. Make some extra donations to certain key political figure's campaign fund etc., they can and will get out of trouble until, and unless we cut off their ability to buy influence, legally. Who knows if any under the table crap is going on, other than the industry's long history of doing just that. Getting PFE's will help to seriously choke off all of the influence money disguised as campaign and Super Pac money. More vigilance would help get rid of some corrupt old bastards, both in D.C. and New York.
This is a pipe dream unless you decide to help the only candidate who would honestly set this straight and stop much of the corruption of our political class. That would be the Bern!

[mother earth]

3. Well said.

[WillyT]

5. K & R !!!

[Sherman A1]

6. Excellent!

I believe that stronger measures would be in order, but this is certainly a good start.