1. QUOTE from:
    World needs super tax on obscene bank profits
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    It’s an incestuous elite who created the crisis. "We now know there were five guys from these investment banks, Goldman Sachs and Hank Paulson [former Treasury Secretary and former CEO of Goldman] involved, who went to Christopher Cox, Chairman of the Securities and Exchange Commission, and said `we don’t need any reserves requirements [on derivatives]’. This led to over-leveraging and disaster" he said. The policy pile on “Cox was probably intimidated by the wealth of the lobby. Full Article at National Post
    We now know there were five guys from these investment banks, Goldman Sachs and Hank Paulson [former Treasury Secretary and former CEO of Goldman] involved, who went to Christopher Cox, Chairman of the Securities and Exchange Commission, and said `we don’t need any reserves requirements [on derivatives]’. This led to over-leveraging and disaster
    SOURCE: National Post 2 months ago
All quotes from:
World needs super tax on obscene bank profits
  1. Senator [Charles] Schumer [of New York] also supported these guys. He’s an arrogant kind of guy. He said `if we don’t do this the investment business will go to London’. So they entered into a race to the bottom.
    SOURCE: National Post 2 months ago
  2. Curbing bonuses will help but it won’t make a big difference. Progressive taxation should come into play. There should be a windfall profits tax on abnormal profits.
    SOURCE: National Post 2 months ago
  3. The incentive system is a good thing to worry about. The whole sector earns so much. Goldman, for instance, is a brand name which people are willing to pay huge fees for and which are tax deductible
    SOURCE: National Post 2 months ago
  4. The world needs a board with credibility and independence. When Bernanke retires, he would be a good person to be on that board. So would an academic like Ken Rogoff [at Harvard Business School]. The job would be to review all the financial instruments that are turning up all the time
    SOURCE: National Post 2 months ago
  5. Cox was probably intimidated by the wealth of the lobby. Treasury was equally sympathetic and then Alan Greenspan came in – it was a policy tsunami too big to resist ... Greenspan came in on ideological grounds. He read Ayn Rand.
    SOURCE: National Post 2 months ago
  6. Greed, avarice, self interest, self love are everywhere in descending orders of moral turpitude. There’s a little bit in everyone. Here it went a bit too far.
    SOURCE: National Post 2 months ago

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