Obama back to his roots, smears banks

evince said:


sept 24 2008



he had to announce the economic crash just before the rules took effect
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what rules desh? You post the link, but you have no clue what the rules were or how they effected the market. What did the rules do? How did the lack of these rules impact the economic collapse?
 
http://www.federalreserve.gov/bankinforeg/reglisting.htm#R




R 12 CFR 218

Exceptions for Banks from the Definition of Broker in the Securities Exchange Act of 1934

Defines the scope of securities activities that banks may conduct without registering with the Securities Exchange Commission as a securities broker and implements the most important exceptions from the definition of the term broker for banks under section 3(a)(4) of the Securities Exchange Act of 1934. Specifically, the regulation implements the statutory exceptions that allow a bank, subject to certain conditions, to continue to conduct securities transactions for its customers as part of its trust and fiduciary, custodial, and deposit "sweep" functions and to refer customers to a securities broker-dealer pursuant to a networking arrangement with the broker-dealer
 
Now explain to me what the bank broker rules were during the time the Bush SEC refused to impliment this part of a legally passed bill?
 
evince said:
http://www.federalreserve.gov/bankinforeg/reglisting.htm#R




R 12 CFR 218

Exceptions for Banks from the Definition of Broker in the Securities Exchange Act of 1934

Defines the scope of securities activities that banks may conduct without registering with the Securities Exchange Commission as a securities broker and implements the most important exceptions from the definition of the term broker for banks under section 3(a)(4) of the Securities Exchange Act of 1934. Specifically, the regulation implements the statutory exceptions that allow a bank, subject to certain conditions, to continue to conduct securities transactions for its customers as part of its trust and fiduciary, custodial, and deposit "sweep" functions and to refer customers to a securities broker-dealer pursuant to a networking arrangement with the broker-dealer
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Desh, I know what the rules are... I am asking you to explain what YOU think the rules MEAN in your own words. HOW did they effect the economic collapse Desh?
 
Go get PROOF what the bank broker rules were.


Remember before GLBact 1999 was passed banks could no act as brokers in any fashion
 
who were the people who were selling these subprime tainted securities at the banks?

whats their title?
 
evince said:
Now explain to me what the bank broker rules were during the time the Bush SEC refused to impliment this part of a legally passed bill?
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Desh, I am waiting for you to explain what you think the rules mean. Not to repost the rules over and over again. I know what they mean. You do not. Which is why you refuse to answer.

You don't even realize that the majority of the rules you keep harping on gave the bank or certain bank employees EXEMPTIONS from the rules that govern securities. Meaning the rules actually gave less regulation, not more. Did you know that Desh?
 
Broker is their title.

when they dont have to have a license from an outside source the banks can just hire anyone and train them anyway they want.


Then those employees do what they are told to do by the boss with NO board to take away their brokers license if they sell bad product
 
Then explain the reason the Bush SEC held back implimenting this part of the bill for nearly a decade?
 
evince said:
Then explain the reason the Bush SEC held back implimenting this part of the bill for nearly a decade?
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Because there was disagreement between the two parties as to what EXEMPTIONS from the rules should be put in place for banks and for what bank employees those EXEMPTIONS FROM THE RULES would apply to.
 
evince said:
its been told to you many times super duper
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No Desh, you have NEVER answered that question. You just repost the rules without even understanding what it is the rules do. Show that you understand the rules and aren't the partisan idiot that we all think you are.
 
evince said:
Now explain how your so much smarter than me by explaining how its not the case
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LOL... I am smarter because I know the rules you keep referring to put in place EXEMPTIONS to the rules and definitions of broker and broker dealer. EXEMPTIONS to the rules Desh. Meaning LESS regulation. Not more.
 
Rana said:
I still want to know why it isn't fraud :)
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It was fraud, with many players. Missing from this discussion is the fact that the majority of crap paper was written by private lending institutions. The ratings agencies were just as fraudulent as the realty appraisers, Wall St thieves, and mortgage brokers who wrote notes that they knew they wouldn't own for 1 week.
 
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