Banks should do the right thing?

The Obama govt is trying to cut down the banks to size. Banks should return to do traditional bankings, ie deposit taking and not investing activities. Banks should not be allowed to do all kinds of businesses and grow to a size that they cannot afford to fail. Smaller banks will make the banking system safer. Making the banking system safer is THE right thing to do. The last financial crisis is a warning that if it is not done, the next one could wipe out everything. But no, no one is taking heed even if it is the right thing to do. The popular thing to do is to continue with the looting. The bigger the banks the better as they could muscle in to all deals, conflict of interest is never a consideration. Moral righteousness is not an issue. The issue is to make as much money as possible, at all cost. The looting mentality is so prevalent that it must have sicken the Obama administration. And it is reported that the legal fees for the bankruptcy proceedings of Lehman is now US$730m and will hit $1b. And those in the know knew that many of the charges were exorbitant and questionable. But that is the game big financial thieves are playing. And people just smile and say that's the way it is. Join in the game and have fun. Who cares about whether it is the right thing or wrong thing to do. This join in and have fun mentality of irresponsibility is sweeping across the world. We can also see it manifesting in our way of life. Everyone is also grabbing whatever they can. That's the way it is. It is not a matter of doing the right thing but what and how much one can get out of it. This is the new morality of the 21st Century.


Wally Buffet said...

Mr. Bean,

Have you ever heard of the adage:

If you can't fight them, join them.

Head on brute force will get one no where. Go with the flow. Float like a butterfly, sting like a bee! Taking up Tai Chi will have a soothing and calming effect on your crusade against the crooks and the thieves of financial markets. Be comforted to know that only fools and the gullible fall prey to the thievery.

Come to think of it, everything on earth is a form of thievery of sorts.

Chua Chin Leng aka redbean said...

Now that is wisdom. Everything is thievery.