Top Five Banks Pay $25 Billion for Legal Immunity from Foreclosure Fraud

[solanis]

The problems are with the regulators

Top tier graduates have no incentive to work for the government as a regulator when they can get 3x times the starting salary plus stock options

And the ones who do become regulators don't want to fuck up their chances of getting a cushy job at a big firm after they retire.

Either offer a big enough salary to compete with the banks for talent or stop letting banks hire regulators to police themselves which does nothing

this is 100% accurate. as "top talent," leaving the private sector to become a regulator is a complete joke and would never in a million years occur to anyone. why settle for such a shit-paying and uninteresting job? I would personally have ethical quandaries about being a regulator, no thanks. regulation laws are so complex that the SEC's own employees often don't know what to enforce, so they actually go to the treasury services of the bulge brackets and ask them what the legislation means. I wish I was joking. there's nothing that can be done, since the government can't hope to provide enough incentives for the best quality individuals to pick them over the private sector.

[Drex]

this is 100% accurate. as "top talent," leaving the private sector to become a regulator is a complete joke and would never in a million years occur to anyone. why settle for such a shit-paying and uninteresting job? I would personally have ethical quandaries about being a regulator, no thanks. regulation laws are so complex that the SEC's own employees often don't know what to enforce, so they actually go to the treasury services of the bulge brackets and ask them what the legislation means. I wish I was joking. there's nothing that can be done, since the government can't hope to provide enough incentives for the best quality individuals to pick them over the private sector.

and since the government can't stop writing regulations so opaque that the regulators can't figure out what they mean, let alone how to enforce them

[solanis]

no, politicians really don't know anything about the market and how it functions tbh

[BaneTheBrawler]

Politicians don't know what the fuck they're talking about?! IMPOSSIBRU!

[Correction]

Politicians don't know what the fuck they're talking about?! IMPOSSIBRU!

They only know what lobbyists are paid to teach them. And since $$$ = speech, poor people never get much chance to instruct them on why what they care about should matter.

[Kurokikaze]

Sort of related and a very good read: http://www.rollingstone.com/politics...ining-20120208

75k bonus after taxes? And they complain? That's more than most people's life savings... How much money will it take to satisfy these fools?

[Weegion]

"I know the economy is struggling and money is tight, but my girlfriend likes to eat good food!"

[Drex]

Sort of related and a very good read: http://www.rollingstone.com/politics...ining-20120208

75k bonus after taxes? And they complain? That's more than most people's life savings... How much money will it take to satisfy these fools?

Notice that it's the analysts bitching. They're recent college grads that are treated like the shit on the other bankers' shoes. Try not to take them too seriously.

Author seems incredibly confused if he believes the analysts bitching had anything to do with the credit crisis lol. They were probably in high school when that shit was going on.

[Kainos]

Sort of related and a very good read: http://www.rollingstone.com/politics...ining-20120208

75k bonus after taxes? And they complain? That's more than most people's life savings... How much money will it take to satisfy these fools?

everything is relative. in that world 75k aint shit.