Thursday, September 01, 2011

Bank Regulators Cutting the Red Tape and Screwing the Rest of us

Caption: "June 3, 2003: Determined to cut red tape and reduce the regulatory burden are (l-r), Office of Thrift Supervision Director James Gilleran, Jim McLaughlin of the American Bankers Association, Harry Doherty of America's Community Bankers, FDIC Vice Chairman John Reich and Ken Guenther of the Independent Community Bankers of America"

Mentioned in William Black's: The Great American Bank Robbery

Hmmm I wonder if this will end badly??? This one you can chalk up to the Bush Administration & Alan Greenspan for leading the charge to make regulators useless. Greenspan was the most egregious by favoring "competition" between the regulators where banks had the ability to choose and change the regulators on a moments notice. So "regulators" jumped over each other to try to win business by being the most lenient. Well they won but America lost.


Anonymous said...

I've been looking for this picture since I read about it in the same book. Do you know where I can find it in high definition.

"Hunter" said...

You know I wish I had a HD version of the pic. I was in the same boat and remembered the picture from years ago. This was the only one I could find on the internet. It's such a ridiculous photo that it should be all over the net for all to see the fallacy. Sorry I couldn't be of more help.

Marcos Peebles said...

Here another one, pic also appears in Michael's Moore Capitalism a love story.

Found also

I know it's 2013 but hey :)

"Hunter" said...

Awesome thanks for finding a pic on it. The truth is stranger than fiction!

Yeah it might be 2013 but that doesn't mean that the gov has done much to regulate the banks. Or be as bold as to put some of their execs into prison.