The Dodd Frank Act aka Volcker's Rule proposed by Paul Volcker has finally been passed
after 3 long years of struggle in Congress. And it would take another
year for it to be in effect. Thanks to all the congressmen that were
bribed into opposing this necessary bill to stop the banks from taking
high risk positions in proprietary trading for their own benefits and often against
their clients.
The need and importance of this piece of regulation are real and urgent.
They should be put in place 3 years ago but unfortunately the banks
could get away by bribing the congressmen to oppose it. This is the
treachery of the bankers and the banking system. The law makers and
people like Paul Volcker knew what they were doing and knew that it was
wrong for them to carry on and risking the collapse of the financial
system if not put to a stop. But they were helpless given the power of
what money could do to make the congressmen vote the other way.
It is of paramount importance that the same fraudulent game should not
be allowed here. We don’t have corrupt congressmen to bribe to stop the
criminal practices of bankers indulging in the same activities. We can
stop the crime immediately and don’t have to wait for the Americans to
enact this law in 2015. If we do not have the guts and confidence to do
what is necessary for the good of our banking and finance industry, it
doesn’t cost much to invite Paul Volcker here to use his weight to sit
on the problems and squeeze them out from our system.
We can do it ahead of the Americans. We need the political will and
wisdom to do the right thing. Paul Volcker may have a whole congress in
his way. He would not have to face one here and could do the right thing
for our banking and finance industry. Not asking him here is a
dereliction of duty and responsibility.
Would our govt, Ministry of Finance or MAS do the right thing? The Dodd
Frank act is the right way to go before it is too late. Would the
American system last till July 2015? Could we take the leap and save
ourselves first while the Americans continue to do themselves in?
3 comments:
How can our govt. Ministry of Finance or MAS tell our banks not to do risky investments?
Our own govt, Ministry of Finance or MAS got tell our sovereign funds or town councils not to do risky investments or not?
The hypocrisy or double standards is unbelievable.
I would like to see one day we will have a law to claw back unjust bonus paid to ministers. Have to vote opposition party for this.
There is no one in finance and in authority competent enough to right the wrongs in the banking and finance industry and the stock market. So the crooks rule the day and continue to rob the people.
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