# Too big to fail? **URL:** \ **Category:** PolitiSUCK\ **Created:** [November 18, 2009, 3:07pm UTC](https://forums.speedlife.net/t/too-big-to-fail/76282 "2009-11-18T15:07:31Z")\ **Posts on this page:** 17\ **Page:** 1
**Author:** ![travisn](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/travisn/32/5046_2.png) [@travisn](https://forums.speedlife.net/u/travisn)\ **Post date:** [November 18, 2009, 3:07pm UTC](https://forums.speedlife.net/t/too-big-to-fail/76282/1 "2009-11-18T15:07:31Z")
“US can dismantle ‘too big to fail’ firms” > [@AP](#): > > Panel: US can dismantle ‘too big to fail’ firms By JIM KUHNHENN (AP) – 40 minutes ago > WASHINGTON — **A House committee voted Wednesday to give the government the right to dismantle financial firms that are so big, interconnected and leveraged that they could harm the economy, even if they are healthy.** > > Voting along party lines, the House Financial Services Committee modified a sweeping financial regulation bill to give broad new power to a proposed Financial Services Oversight Council that would monitor risk across the financial system. > > The provision, proposed by Rep. Paul Kanjorski, D-Pa., was staunchly opposed by Wall Street because it would let the government break apart firms even if they were sound and well-capitalized. > > “No firm should be considered to be too big to fail,'” Kanjorski said in a statement. “Financial firms that want to play in a casino need to have their own resources to cover their bets and not assume that tax dollars are available in reserve if their bets fail.” > > **The amendment approved Wednesday says the government could intervene when a firm presents a “grave threat” to the financial system** — a higher bar than what many large financial institutions thought Kanjorski would set. > > The legislation also would take into account a number of factors for breaking up a firm. In addition to size, the council would also have to consider the “scope, scale, exposure, leverage, interconnectedness of financial activities.” > > “This is more moderate than other approaches out there, but we still oppose it,” said Scott Talbott, a senior lobbyist for the Financial Services Roundtable, which represents institutions that could be affected by the legislation. > > **Critics have argued that the legislation would effectively force financial institutions to scale back their size and place them at an international disadvantage.** > > Kanjorski said he would coordinate with the European Union to ensure that doesn’t happen. Thoughts? ---
**Author:** ![klug](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/klug/32/5222_2.png) [@klug](https://forums.speedlife.net/u/klug)\ **Post date:** [November 18, 2009, 3:44pm UTC](https://forums.speedlife.net/t/too-big-to-fail/76282/2 "2009-11-18T15:44:44Z")
It’s the Obama deception lol but srsly that is pushing the line on too much government control. ---
**Author:** ![Jam](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jam/32/7235_2.png) [@Jam](https://forums.speedlife.net/u/Jam)\ **Post date:** [November 18, 2009, 4:11pm UTC](https://forums.speedlife.net/t/too-big-to-fail/76282/3 "2009-11-18T16:11:25Z")
ya, that’s kind of scary ---
**Author:** ![slow84ta](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/slow84ta/32/7265_2.png) [@slow84ta](https://forums.speedlife.net/u/slow84ta)\ **Post date:** [November 18, 2009, 5:05pm UTC](https://forums.speedlife.net/t/too-big-to-fail/76282/4 "2009-11-18T17:05:52Z")
Just another clue of obama’s true plans :tup: ---
**Author:** ![theblue](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/theblue/32/5074_2.png) [@theblue](https://forums.speedlife.net/u/theblue)\ **Post date:** [November 18, 2009, 5:08pm UTC](https://forums.speedlife.net/t/too-big-to-fail/76282/5 "2009-11-18T17:08:33Z")
so let me get this right… you don’t want them to get bailed out and you don’t want to stop them from putting themselves into a position that makes them too big to fail. so you would like what exactly to happen here? Nothing that I have read on this is that crazy… it’s just a restructuring requirement. ---
**Author:** ![Joe](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joe/32/7219_2.png) [@Joe](https://forums.speedlife.net/u/Joe)\ **Post date:** [November 18, 2009, 5:12pm UTC](https://forums.speedlife.net/t/too-big-to-fail/76282/6 "2009-11-18T17:12:29Z")
> [@slow84ta](#): > > Just another clue of obama’s true plans, socialism :tup: Dude, your political posts are always this same stupid shit. Come up with a new line or STFU. People don’t realize from the Great Depression until 1999 we had a MUCH more restrictive regulatory act on banks than this. It was called the Glass-Steagall act. It prevented the kind of shit we saw last year. It was ended by Citi and St Paul Travelers when they basically went ahead with an illegal merger and challenged congress to change the law or risk their wrath. Look what happened. This is a good thing, and that’s coming from someone that works for a huge international financial. ---
**Author:** ![system](https://canada1.discourse-cdn.com/flex034/uploads/speedlife/original/2X/b/b7170c8eddc0b95ece6b88172b2f416a08489a45.png) [@system](https://forums.speedlife.net/u/system)\ **Post date:** [November 18, 2009, 5:24pm UTC](https://forums.speedlife.net/t/too-big-to-fail/76282/7 "2009-11-18T17:24:07Z")
> [@slow84ta](#): > > Just another clue of obama’s true plans :tup: :roll2: ---
**Author:** ![slow84ta](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/slow84ta/32/7265_2.png) [@slow84ta](https://forums.speedlife.net/u/slow84ta)\ **Post date:** [November 18, 2009, 5:39pm UTC](https://forums.speedlife.net/t/too-big-to-fail/76282/8 "2009-11-18T17:39:13Z")
> [@Joe](#): > > Dude, your political posts are always this same stupid shit. Come up with a new line or STFU. > > People don’t realize from the Great Depression until 1999 we had a MUCH more restrictive regulatory act on banks than this. It was called the Glass-Steagall act. It prevented the kind of shit we saw last year. It was ended by Citi and St Paul Travelers when they basically went ahead with an illegal merger and challenged congress to change the law or risk their wrath. Look what happened. This is a good thing, and that’s coming from someone that works for a huge international financial. :massmoon: Joe you know me, I just like being a dick! But you work at a bank, What you think about him trying to regulate banks so they can only charge 6 overdrafts fees a year? Pretty dumb considering how so many poeple don’t keep track of their bank balance :smash2: But yes, if used properly, this might not be bad :sword: ---
**Author:** ![Joe](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joe/32/7219_2.png) [@Joe](https://forums.speedlife.net/u/Joe)\ **Post date:** [November 18, 2009, 5:45pm UTC](https://forums.speedlife.net/t/too-big-to-fail/76282/9 "2009-11-18T17:45:50Z")
Word. I just hate how Fox News has people yelling “socialism” every time the government tries to do ANYTHING. If they repeat a lie enough times, people start to believe it. See “Death Panels.” Overdraft fees are the biggest scam in the business. Nothing like a 30 cent overdraft that turns into hundreds of dollars in fees. There’s no reason for them to be that high other than to be predatory on poor people. I think requiring people to opt-in to overdrafts on ATM/debit cards is a huge :tup: ---
**Author:** ![Willybeen](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/willybeen/32/7351_2.png) [@Willybeen](https://forums.speedlife.net/u/Willybeen)\ **Post date:** [November 18, 2009, 5:47pm UTC](https://forums.speedlife.net/t/too-big-to-fail/76282/10 "2009-11-18T17:47:10Z")
do they name any of the companies that they’re talking about? ---
**Author:** ![Joe](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joe/32/7219_2.png) [@Joe](https://forums.speedlife.net/u/Joe)\ **Post date:** [November 18, 2009, 5:50pm UTC](https://forums.speedlife.net/t/too-big-to-fail/76282/11 "2009-11-18T17:50:06Z")
I would look at C, BAC, JPM, WFC, GS, and MS as your first 6 potential targets. ---
**Author:** ![theblue](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/theblue/32/5074_2.png) [@theblue](https://forums.speedlife.net/u/theblue)\ **Post date:** [November 18, 2009, 5:55pm UTC](https://forums.speedlife.net/t/too-big-to-fail/76282/12 "2009-11-18T17:55:56Z")
on the overdraft fees, (from what I remember) only relates to fees spent using bank cards and not a limit on writing checks. Lets say you something went wrong in the background and you went negative in your checking account. you go around town and make ten transactions with your bank card (all of them very small). you now have hundreds in fees. why didn’t they just deny you since it obviously is not worth getting a pack of gum for $65 such a scam. ---
**Author:** ![Fry](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/fry/32/7284_2.png) [@Fry](https://forums.speedlife.net/u/Fry)\ **Post date:** [November 18, 2009, 6:14pm UTC](https://forums.speedlife.net/t/too-big-to-fail/76282/13 "2009-11-18T18:14:17Z")
Burn Grahm-Leach-Bliley to the fucking ground, bring back Glass-Steagal. Don’t regulate the size of financial companies, regulate what they can do. ---
**Author:** ![Penfold](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/penfold/32/5007_2.png) [@Penfold](https://forums.speedlife.net/u/Penfold)\ **Post date:** [November 19, 2009, 1:30am UTC](https://forums.speedlife.net/t/too-big-to-fail/76282/14 "2009-11-19T01:30:18Z")
They appear to just be making things messier. ---
**Author:** ![travisn](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/travisn/32/5046_2.png) [@travisn](https://forums.speedlife.net/u/travisn)\ **Post date:** [November 19, 2009, 1:48am UTC](https://forums.speedlife.net/t/too-big-to-fail/76282/15 "2009-11-19T01:48:48Z")
> [@Willybeen](#): > > do they name any of the companies that they’re talking about? > [@Joe](#): > > I would look at C, BAC, **JPM** , WFC, GS, and MS as your first 6 potential targets. definitely had a ‘post’ on our home page about it yesterday that asked us to contact our senator. a different one about it today too. ---
**Author:** ![JustinH](https://avatars.discourse-cdn.com/v4/letter/j/9fc29f/32.png) [@JustinH](https://forums.speedlife.net/u/JustinH)\ **Post date:** [November 19, 2009, 4:11am UTC](https://forums.speedlife.net/t/too-big-to-fail/76282/16 "2009-11-19T04:11:06Z")
Citi is already really dismantling itself every day guys. Selling assets left and right, firing people, just to make the balance sheet show any kind of a profit at the end of the quarter. I feel bad for the employees who had $50/share stock in 2005ish, now its worth 4 bucks… ---
**Author:** ![slow84ta](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/slow84ta/32/7265_2.png) [@slow84ta](https://forums.speedlife.net/u/slow84ta)\ **Post date:** [November 19, 2009, 6:09am UTC](https://forums.speedlife.net/t/too-big-to-fail/76282/17 "2009-11-19T06:09:52Z")
> [@Joe](#): > > Word. I just hate how Fox News has people yelling “socialism” every time the government tries to do ANYTHING. If they repeat a lie enough times, people start to believe it. See “Death Panels.” > > Overdraft fees are the biggest scam in the business. Nothing like a 30 cent overdraft that turns into hundreds of dollars in fees. There’s no reason for them to be that high other than to be predatory on poor people. I think requiring people to opt-in to overdrafts on ATM/debit cards is a huge :tup: Yea I’ve never watched Fox News so I didn’t even know that. I don’t like Obama, but that doesn’t mean I don’t agree with somethings he is doing. Some poeple need regulation and him going for cleaner emissions is good. Their are many other goods he has done too! :bigclap: Yes some banks our evil with ODs, but my bank doesn’t charge an OD fee for a $5 or less negative balance and they limit the amount of OD fees they charge a client to 4 a day, which could be bad, because I’ve seen business clients OD like 20 times in a day and then their account charges off. :hang: Those poeple will always be around though. We’re not cut throat like some bank appear to be, we’re willing to hear out poeple and go halfs and even full refunds depending on the situation and if they are not repeat offenders! All this from the 8th largest bank in the US! Now with debit cards, that is touchy. If Visa lets it go through at the point of purchase, the bank has no choice then to pay that item even it’ll put an account in the hole major. If they return visa purchases, they could loose the contract with visa or get fined from them. > [@theblue](#): > > on the overdraft fees, (from what I remember) only relates to fees spent using bank cards and not a limit on writing checks. > > Lets say you something went wrong in the background and you went negative in your checking account. you go around town and make ten transactions with your bank card (all of them very small). you now have hundreds in fees. why didn’t they just deny you since it obviously is not worth getting a pack of gum for $65 > > such a scam. It is hard for the bank to keep up with purchases on the sameday, but in this case, the next day once that bank sees your way in the negative they will temp block your card. It’s hard because all merchants are different, Some charge ur card right away and some take up to 3 business days. It is really tricky. If you use your debit card alot, you really should keep a ledger or maybe just use credit and pay it off every month. Now if all those where caused by an unauthorized transaction then by all means your intittled to all of your fees back! Don’t be scard to goto your bank and atleast see what your options are. Also people sign up for OD protection, if you have a credit card, you’ll most likly be allowed a small credit line for Overdraft protection! I’ve personally never overdrawn my account, so I can’t say I know how you feel.