Comments on: Why you won’t hear me using the word bankster http://www.creditwritedowns.com/2009/10/why-you-wont-hear-me-using-the-word-bankster.html a finance news and opinion site Mon, 22 Mar 2010 06:53:58 +0000 hourly 1 By: Edward Harrisonhttp://www.creditwritedowns.com/2009/10/why-you-wont-hear-me-using-the-word-bankster.html#comment-7976 Edward Harrison Wed, 28 Oct 2009 01:19:17 +0000 http://www.creditwritedowns.com/2009/10/why-you-wont-hear-me-using-the-word-bankster.html#comment-7976 I worked in government for a while and my parents were life-long government employees with more than 50 years of service between them. Yes, regulators are people like you and me, as all government employees are.<br><br>So, you won't see me calling government officials 'bureaucrats' either. I worked in government for a while and my parents were life-long government employees with more than 50 years of service between them. Yes, regulators are people like you and me, as all government employees are.

So, you won't see me calling government officials 'bureaucrats' either.

]]> By: Edward Harrisonhttp://www.creditwritedowns.com/2009/10/why-you-wont-hear-me-using-the-word-bankster.html#comment-7977 Edward Harrison Tue, 27 Oct 2009 21:23:31 +0000 http://www.creditwritedowns.com/2009/10/why-you-wont-hear-me-using-the-word-bankster.html#comment-7977 That's more along the lines of what I was looking for - a sense as to whether there is any collective guilt. I didn't bring up that example because its always pretty inflammatory. <br><br>Are these people who were pushing these products foot soldiers who share in the blame or should they have a clean conscience? That's more along the lines of what I was looking for – a sense as to whether there is any collective guilt. I didn't bring up that example because its always pretty inflammatory.

Are these people who were pushing these products foot soldiers who share in the blame or should they have a clean conscience?

]]> By: Edward Harrisonhttp://www.creditwritedowns.com/2009/10/why-you-wont-hear-me-using-the-word-bankster.html#comment-7003 Edward Harrison Tue, 27 Oct 2009 19:19:17 +0000 http://www.creditwritedowns.com/2009/10/why-you-wont-hear-me-using-the-word-bankster.html#comment-7003 I worked in government for a while and my parents were life-long government employees with more than 50 years of service between them. Yes, regulators are people like you and me, as all government employees are.<br><br>So, you won't see me calling government officials 'bureaucrats' either. I worked in government for a while and my parents were life-long government employees with more than 50 years of service between them. Yes, regulators are people like you and me, as all government employees are.

So, you won't see me calling government officials 'bureaucrats' either.

]]> By: Edward Harrisonhttp://www.creditwritedowns.com/2009/10/why-you-wont-hear-me-using-the-word-bankster.html#comment-6996 Edward Harrison Tue, 27 Oct 2009 15:23:31 +0000 http://www.creditwritedowns.com/2009/10/why-you-wont-hear-me-using-the-word-bankster.html#comment-6996 That's more along the lines of what I was looking for - a sense as to whether there is any collective guilt. I didn't bring up that example because its always pretty inflammatory. <br><br>Are these people who were pushing these products foot soldiers who share in the blame or should they have a clean conscience? That's more along the lines of what I was looking for – a sense as to whether there is any collective guilt. I didn't bring up that example because its always pretty inflammatory.

Are these people who were pushing these products foot soldiers who share in the blame or should they have a clean conscience?

]]> By: The Cynichttp://www.creditwritedowns.com/2009/10/why-you-wont-hear-me-using-the-word-bankster.html#comment-6991 The Cynic Tue, 27 Oct 2009 11:46:00 +0000 http://www.creditwritedowns.com/2009/10/why-you-wont-hear-me-using-the-word-bankster.html#comment-6991 How about those death camp guards in Nazi Germany? They we re doing far more despicable things to fellow human beings, than what today's banksters have done.Are we going to exonerate them, because they were either enabled or ordered to do so by the Nazi regime? No! They will be forever war criminals.<br>Four years ago when I was shopping around for mortgage every single person I spoke with, pushed interest only or ARM mortgage product. I am sure that every one of them was aware of what they were trying to sell me, but didn't care a bit. What they wanted was to collect the commission and the fees. How about those death camp guards in Nazi Germany? They we re doing far more despicable things to fellow human beings, than what today's banksters have done.Are we going to exonerate them, because they were either enabled or ordered to do so by the Nazi regime? No! They will be forever war criminals.
Four years ago when I was shopping around for mortgage every single person I spoke with, pushed interest only or ARM mortgage product. I am sure that every one of them was aware of what they were trying to sell me, but didn't care a bit. What they wanted was to collect the commission and the fees.

]]> By: Billhttp://www.creditwritedowns.com/2009/10/why-you-wont-hear-me-using-the-word-bankster.html#comment-6989 Bill Tue, 27 Oct 2009 04:50:32 +0000 http://www.creditwritedowns.com/2009/10/why-you-wont-hear-me-using-the-word-bankster.html#comment-6989 So Ed - regulators are not people "just like you and me?" You think the people down below the political appointees didn't see what was happening just like the WaMu lady that didn't like the loan? <br><br>No blanket blame. Right. Oh, except for the government and regulators, cause they're not real people. So Ed – regulators are not people “just like you and me?” You think the people down below the political appointees didn't see what was happening just like the WaMu lady that didn't like the loan?

No blanket blame. Right. Oh, except for the government and regulators, cause they're not real people.

]]> By: Edward Harrisonhttp://www.creditwritedowns.com/2009/10/why-you-wont-hear-me-using-the-word-bankster.html#comment-6985 Edward Harrison Tue, 27 Oct 2009 00:37:18 +0000 http://www.creditwritedowns.com/2009/10/why-you-wont-hear-me-using-the-word-bankster.html#comment-6985 I was hoping for a few more comments of a more philosophical nature as to why or why we shouldn't see this through the lens of collective guilt. Does anyone feel ready to take that one up? I was hoping for a few more comments of a more philosophical nature as to why or why we shouldn't see this through the lens of collective guilt. Does anyone feel ready to take that one up?

]]> By: Winston99http://www.creditwritedowns.com/2009/10/why-you-wont-hear-me-using-the-word-bankster.html#comment-6979 Winston99 Mon, 26 Oct 2009 21:29:04 +0000 http://www.creditwritedowns.com/2009/10/why-you-wont-hear-me-using-the-word-bankster.html#comment-6979 So you also blame the cops for not knowing what bank John Dillinger was going to hit next? So you also blame the cops for not knowing what bank John Dillinger was going to hit next?

]]> By: jolthttp://www.creditwritedowns.com/2009/10/why-you-wont-hear-me-using-the-word-bankster.html#comment-6978 jolt Mon, 26 Oct 2009 21:28:58 +0000 http://www.creditwritedowns.com/2009/10/why-you-wont-hear-me-using-the-word-bankster.html#comment-6978 "Don’t hate the player, hate the game."I hate both. Yes, no doubt it is the responsibility of the politicians to create and implement proper laws, and it is the role of regulators to enforce those laws. In my view, most of the necessary laws have been in place all the time, they just haven't been enforced. However, there also comes a point were personal responsibility and, yes, morality comes into play. Just as was reported last week (cannot remember where I read it) about Freddie employees being paid various "bonuses", basically buying their silence for the myriad of pending civil cases. At what point should someone who is offered such things say "just say no"?Is it all the "banksters" fault? No, but I certainly won't stop going after them as well as those who, although they may not have perpetrated crimes themselves, lived off the system.The politicians will be taken care of as well, that is why there are elections. Unfortunately it is not possible to vote out morally-corrupt bankers and other business people. “Don’t hate the player, hate the game.”

I hate both. Yes, no doubt it is the responsibility of the politicians to create and implement proper laws, and it is the role of regulators to enforce those laws. In my view, most of the necessary laws have been in place all the time, they just haven’t been enforced. However, there also comes a point were personal responsibility and, yes, morality comes into play. Just as was reported last week (cannot remember where I read it) about Freddie employees being paid various “bonuses”, basically buying their silence for the myriad of pending civil cases. At what point should someone who is offered such things say “just say no”?

Is it all the “banksters” fault? No, but I certainly won’t stop going after them as well as those who, although they may not have perpetrated crimes themselves, lived off the system.

The politicians will be taken care of as well, that is why there are elections. Unfortunately it is not possible to vote out morally-corrupt bankers and other business people.

]]> By: Lavrenti Beriahttp://www.creditwritedowns.com/2009/10/why-you-wont-hear-me-using-the-word-bankster.html#comment-6977 Lavrenti Beria Mon, 26 Oct 2009 20:31:09 +0000 http://www.creditwritedowns.com/2009/10/why-you-wont-hear-me-using-the-word-bankster.html#comment-6977 "I look more to government and its regulators as the problem than the banks."And this the reason you restrain your tone when it comes to the banks? Its an either/or proposition for you? Only the banks OR the government and its regulators can be considered miscreant in this respect? Can't both be miscreant, thereby allowing you the emotional room to feel comfortable tearing into banks and government together? I mean, clearly, conniving bankers and for sale politicians are at the heart of this mess. Are we to exempt one from moral responsibility when they share it? Come on, Ed. You can do it. Call 'em banksters in the one case and whores on the other. That's what they are, of course. “I look more to government and its regulators as the problem than the banks.”

And this the reason you restrain your tone when it comes to the banks? Its an either/or proposition for you? Only the banks OR the government and its regulators can be considered miscreant in this respect? Can’t both be miscreant, thereby allowing you the emotional room to feel comfortable tearing into banks and government together? I mean, clearly, conniving bankers and for sale politicians are at the heart of this mess. Are we to exempt one from moral responsibility when they share it? Come on, Ed. You can do it. Call ‘em banksters in the one case and whores on the other. That’s what they are, of course.

]]> By: Edward Harrisonhttp://www.creditwritedowns.com/2009/10/why-you-wont-hear-me-using-the-word-bankster.html#comment-6976 Edward Harrison Mon, 26 Oct 2009 18:31:11 +0000 http://www.creditwritedowns.com/2009/10/why-you-wont-hear-me-using-the-word-bankster.html#comment-6976 Now, it's not like that. I am saying specifically push authorities to punish fraudsters and criminals (what's not happening) but don't make a blanket judgment (what is happening). Now, it's not like that. I am saying specifically push authorities to punish fraudsters and criminals (what's not happening) but don't make a blanket judgment (what is happening).

]]> By: Bob Morrishttp://www.creditwritedowns.com/2009/10/why-you-wont-hear-me-using-the-word-bankster.html#comment-6975 Bob Morris Mon, 26 Oct 2009 18:27:39 +0000 http://www.creditwritedowns.com/2009/10/why-you-wont-hear-me-using-the-word-bankster.html#comment-6975 While I understand your point, saying "Don’t hate the player, hate the game" is a bit like exonerating Al Capone because he was just part of a corrupt system.<br><br>If you are gaming returns on your hedge fund through organized and deliberate insider trading and / or laundering drug money then you are a major part of the corruption and rot, not just a hapless bystander who got swept away in it all. While I understand your point, saying “Don’t hate the player, hate the game” is a bit like exonerating Al Capone because he was just part of a corrupt system.

If you are gaming returns on your hedge fund through organized and deliberate insider trading and / or laundering drug money then you are a major part of the corruption and rot, not just a hapless bystander who got swept away in it all.

]]> By: Namehttp://www.creditwritedowns.com/2009/10/why-you-wont-hear-me-using-the-word-bankster.html#comment-6974 Name Mon, 26 Oct 2009 18:23:58 +0000 http://www.creditwritedowns.com/2009/10/why-you-wont-hear-me-using-the-word-bankster.html#comment-6974 I prefer the term "Banksta" as it captures some of that Brooklyn je ne sais quoi I prefer the term “Banksta” as it captures some of that Brooklyn je ne sais quoi

]]> By: Steve Hamlinhttp://www.creditwritedowns.com/2009/10/why-you-wont-hear-me-using-the-word-bankster.html#comment-6973 Steve Hamlin Mon, 26 Oct 2009 17:48:42 +0000 http://www.creditwritedowns.com/2009/10/why-you-wont-hear-me-using-the-word-bankster.html#comment-6973 Banksters (n): an imprecise but entirely appropriate term used to refer to those who had a significant hand in the foundations and evolution of the late-20th/early-21st century global financial crisis.<br><br>Overused when referring to every employee of any bank, it is nonetheless a useful shorthand for the collection of dirty hands that are AIGFP senior managers, CDO^2 salesmen, complicit financial executives, corrupt NRSROs, mark-to-fantasy CFOs, head-in-the-sand Directors, clueless-and-captured financial regulators, beholden-and-bought politicians, and anyone who deals with credit other than the person who is using the term.<br><br>ety: 2008-era portmanteau of 'gangster' (a particularly effective established criminal) and 'banker' (employee of a banking institution). Banksters (n): an imprecise but entirely appropriate term used to refer to those who had a significant hand in the foundations and evolution of the late-20th/early-21st century global financial crisis.

Overused when referring to every employee of any bank, it is nonetheless a useful shorthand for the collection of dirty hands that are AIGFP senior managers, CDO^2 salesmen, complicit financial executives, corrupt NRSROs, mark-to-fantasy CFOs, head-in-the-sand Directors, clueless-and-captured financial regulators, beholden-and-bought politicians, and anyone who deals with credit other than the person who is using the term.

ety: 2008-era portmanteau of 'gangster' (a particularly effective established criminal) and 'banker' (employee of a banking institution).

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