Release your anger!

by: Chris Bowers

Thu Feb 18, 2010 at 17:32

If you are still looking to comment, and it is still Friday the 19th where you live, you can submit comments directly to the FDIC here.

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In 2008, the world economy crashed because of excessive risk-taking behavior by banks and other large financial institutions. This wasn't an accident.  Even now, at many of those institutions, the more risks the executives take, the more they are paid.

To stop this behavior, the Federal Deposit Insurance Corporation (FDIC), is proposing a new regulation that will financially penalize banks that reward executives for taking excessive risks. Before they pass this regulation, they want to hear from the public.

We need to get new regulations like this passed.  So, please, tell the FDIC what you think of this new regulation.  Post a comment to this thread, and we will submit it to the FDIC for you before Friday's deadline.  

We checked with the FDIC, and confirmed they would accept comments in this form.  If you don't have an account, just sign up and make one.  It is quick and easy.

The banking industry is still doling out huge bonuses for excessive risk, and has spent tens of millions of dollars on lobbying against regulations such as these.  We can never outspend them, or even equal them.  The only weapon we have against them is our populist anger.

So, follow the advice of the Emperor in Star Wars, and release your anger. Post a comment to this article, and tell the FDIC what you think of banks rewarding executives who take excessive risks that lead to economic catastrophe.

Off-topic comments will be deleted.  Also, don't make any threats or incitements to violence.  Still, when voters aren't angry, politicians don't respond.  So, don't be gentle.

Please post a comment, and may the force be with you!

Update: In the comments, lutton raises an important question:

Don't most of these public comments require real name/ID/address to prevent astroturfing?

I'll be glad to post a comment here either way, but are there alternatives avenues those of us with pseudonymous IDs should consider?

Now, I was told it would be fine.  However, if, just to be sure, you would like to provide your name and location, that is good, too.

Weekly Audit: Reining in the Subprime Scoundrels

by: The Media Consortium

Tue Jun 16, 2009 at 10:07

by Zach Carter, TMC MediaWire Blogger

 President Barack Obama is scheduled to unveil his agenda for revamping financial regulation later this week. As the economy struggles though a recession created by the banking industry, it's crucial that Obama and his advisers craft a set of rules ensuring that the financial sector strengthens our economy instead of destroying it.  

Weekly Audit: Why Accountability Matters

by: The Media Consortium

Tue May 26, 2009 at 10:26

by Zach Carter, Media Consortium MediaWire Blogger  

With workers all over the globe trudging through a catastrophic recession, it's almost a given that governments will be battling the economic slide for a long time. Part of the effort to rebuild must involve new rules and regulations, but meaningful systems for economic accountability will be just as essential. If we do not hold the reckless executives who caused this crisis accountable for their actions, we risk regressing into similar turmoil in the near future.  

An Ounce Of Economic Prevention

by: Natasha Chart

Wed Jan 14, 2009 at 06:39

Both of them were sponsored by Dianne Feinstein in the Senate and referred to the Senate Banking, Housing, and Urban Affairs Committee. I have to give her major credit for putting out what sound like smart, forward-thinking bills on a first read. Both of them also make use of the (I think rightly) maligned TARP appropriation such that the rest of it might not be a total waste.

Unfortunately, she doesn't presently sit on the Banking Committee, so I review this legislation with somewhat limited expectations that it will see the light of day.