Under the Clinton Administration laws to protect the public were systematically dismantled.
The policy of building a Chinese wall within a company is common in investment banking. Through their client relationships, investment bankers frequently have access to non-public, material information concerning publicly traded companies or companies that are about to become public through an initial public offering (IPO). Investment bankers are responsible for developing information barriers that control confidential information from one department of the bank to another and to other business units within the bank.
The need for a Chinese wall in the financial industry became more critical after the enactment of the Gramm-Leach-Bliley Act of 1999 (GLBA). The law repealed federal regulations prohibiting companies from providing any combination of banking, investing, and insurance services. The GLBA reversed restrictions on such combinations that had been in place since the Great Depression. The GLBA also enabled the creation of today’s financial giants such as Citigroup and JPMorgan Chase.
We had rules to protect the Public but corporate banking lobbying put an end to the rules. !
Even basic banking is corupt as Wells Fargo shows Wells Fargo scandal explained – YouTube
If you fine a bank 1% of what they stole, will they steal again ?
We did not have to wait long Wells Fargo does it again ! Bank scandal prompts record fine – YouTube
Obviously the bank is a criminal repeat offender but it’s lobbyist in the congress can protect it !
Goals: 1: Elimination of governmental liability in corporate and banking failures (too big to fail)
Now Banks take high risk and – if they win they make vast profits and if they lose – our government (we the people of the US) take the loss.
This practice must end so – those taking the risk – take the loss if they lose !
Solution : Banks and corporation’s both have Lawyers – they deserve each other !
Big Banks could deal with corporations and for IPO’s and lending to corporations !
Community banks could deal with community businesses
If corporations fail – so be it ! If Banks fail – so be it ! No institutions are too big to fail !
Goal :2 Protect the consumer from Banks and inflation
Solution : Establish a US Postal savings system. (Like Germany and Japan)
The US postal system should be for people – Savings – loans – credit cards – checking accounts.
Right now Banks pay people .02 % interest and charge people 19% for credit cards – crazy !
Just read your credit card agreement and it will become obvious you need a Lawyer to review it.
People use the government backed Postal Savings System and let Banks take care of Corporations !
Rules : All monies in the Postal Savings System are paid 1% over the inflation rate and backed by our Government.
The People should be rewarded by saving and feel their money is safe for the goals in their life.
Your Ideas: If you have suggestions please send them to Ken@AmericanPoliticalParty.US