I go with the "sequestrate their assets" part... but the letting them go part I'm against... As "entrepreneurs", such people would just "steal" their way back up to wealth, without actually creating anything beneficial for any economy, like jobs or even "products" to speak of.....
On Wednesday, March 6, 2013 4:30:34 AM UTC-5, archytas wrote: > > The SEC (belatedly as ever) has now formed a unit with the FBI to look > into high frequency trading. Less than 100,000 world-wide are filthy > rich - we could jail them all and sequestrate their assets and then > release them to be the entrepreneurial go-getters they are with new > hunger to expand the economy. > > On Mar 5, 10:22 pm, archytas <[email protected]> wrote: > > Haircuts Nom? Scalping is the cure! None of these prats are risking > > as much as anyone on a construction site. I think we should lock them > > in, put them on minimum rations, and let them work off their crimes or > > learn to be motivated by the lash. > > > > On Mar 5, 5:54 pm, nominal9 <[email protected]> wrote: > > > > > > > > > > > > > > > > > What say you?.... is this good news or bad? > > > > > I ask... where are the "banksters" going to go????...... China? > > > > > Now... If only the U.S. would do the same...... > > > > > Back to the future... Glass-Steagall PLUS, I say > > > > >http://www.reuters.com/article/2013/03/05/us-eu-bonus-idUSBRE9240EB20... > > > > Isolated Britain fails to avert EU bank bonus cap > > > > > <http://www.reuters.com/subjects/investing-simplified> > > > [image: Britain's Chancellor of the Exchequer George Osborne leaves > > > Downing Street in London, December 4, 2012. REUTERS/Stefan Wermuth] > > > > > By John O'Donnell and Robin Emmott > > > > > BRUSSELS | Tue Mar 5, 2013 11:16am EST > > > > > (Reuters) - Britain was left isolated in Europe on Tuesday after it > failed > > > to secure backing to water down new EU rules limiting bankers' > bonuses, a > > > measure that could threaten London's dominance as a financial centre. > > > > > The rules, which would limit bankers' bonuses to the equivalent of > their > > > salary, or two times their salary if shareholders agree, are set to be > > > introduced next year and would represent the toughest bonus regime > anywhere > > > in the world. > > > > > They threaten Britain's financial industry the most, raising the risk > that > > > some banks< > http://www.reuters.com/sectors/industries/overview?industryCode=128&l...>and > their top bankers could relocate to other financial centers outside the > > > European Union. > > > > > Britain's finance <http://www.reuters.com/finance> minister, George > > > Osborne, appealed to EU ministers to change the rules at a meeting in > > > Brussels, arguing that the proposed cap would have a "perverse" > effect. > > > > > "It will push salaries up, it will make it more difficult to claw back > > > bankers' bonuses when things go wrong, it will make it more difficult > to > > > ensure that the banks and the bankers pay when there are mistakes, > rather > > > than the taxpayer," said Osborne in a part of the meeting that was > > > broadcast. > > > > > But none of the other 26 EU member states was willing to stand with > him, > > > and it looks very unlikely that any significant changes to the rules > will > > > be made. Since the rules do not require unanimous backing, Britain has > no > > > veto over the proposals. > > > > > "The space for further negotiation is quite narrow," said Michael > Noonan, > > > the finance minister of Ireland <http://www.reuters.com/places/ireland>, > > > > which as the current holder of the EU's rotating six-month presidency > > > negotiated the deal with the European Parliament. > > > > > Osborne's inability to fend off the reform, the first of its kind > globally, > > > underscores Britain's waning influence in the EU and is also likely to > fuel > > > deepening euroscepticism in Britain. > > > > > "Britain has done a lot to isolate itself from the rest of the > European > > > Union," said Philip Whyte of the Centre for European Reform, a > thinktank. > > > "It isn't exercising very much influence in European debates, pretty > much > > > across the board." > > > > > Officials indicated that the best Britain could hope for in further > > > negotiations over the rules in the coming weeks was perhaps an > increase in > > > the amount of bonus that can be deferred and therefore discounted when > > > calculating the total payout. > > > > > But Michel Barnier, the European commissioner for financial regulation > and > > > an author of the proposals, said the broad parameters would not > change. > > > Asked about the possibility of any legal challenge to the bonus cap, > he > > > replied: "Good luck." > > > > > Britain's powerful financial sector fears the rules will put London at > a > > > disadvantage and provoke an exodus of major banks and staff to rival > > > financial centers, although HSBC (HSBA.L< > http://www.reuters.com/finance/stocks/overview?symbol=HSBA.L>), > > > one of Britain's largest banks, has said it does not have any plans at > this > > > stage to move its headquarters. > > > > > 'ENOUGH IS ENOUGH' > > > > > German Finance Minister Wolfgang Schaeuble indicated that he would be > > > uncomfortable with any country being outvoted on the new legislation, > > > opening up the possibility of some change. > > > > > EU officials indicated that any alterations are likely to have only a > > > slight impact on the total amount of bonus that can be paid. > > > > > "There is very little further we can do for them because we pushed the > > > negotiations to quite a degree, and we got the best possible > compromise > > > with the parliament," Noonan told reporters before the meeting began. > > > "There isn't any more room left." > > > > > Schaeuble told ministers he would back a greater flexibility in how a > > > banker's bonus is calculated, which could allow banks to pay more over > the > > > long term, said one official who attended the talks. > > > > > Britain could also try to push to change the scope of the rules, which > will > > > apply to all EU bank staff globally, regardless of where they are > based. > > > > > But any changes will also require the approval of the European > Parliament. > > > Othmar Karas, the Austrian lawmaker who drove the negotiations in > > > parliament, said he did not see any reason to re-open the deal > clinched > > > last week. > > > > > While the finance ministers agreed not to finalize the deal on > Tuesday, > > > partly out of courtesy to Osborne, there is little appetite to change > it. > > > Officials indicated it would be approved later in March or possibly in > > > April. The aim is to put the legislation in place from January 1, > 2014. > > > > > Some in the British government believe banks could take legal action > on the > > > grounds that the European Union is going beyond its remit in > legislating on > > > remuneration, an official familiar with British thinking told Reuters. > > > > > AFME, the bank lobby group, stoked speculation, saying "it would not > be > > > surprising" if the industry were gathering "legal opinions". But the > > > European Commission, which writes EU law, said it would be "absurd" to > > > challenge the legality of the cap. > > > > > The new rules will not affect most bank staff, who on average earn > bonuses > > > of up to 30 percent of salary, but target senior management and > so-called > > > "risk takers", such as traders, whose bonuses can be many times their > base > > > salary. > > > > > Analysts estimate the law will initially affect around 300 to 500 > people in > > > each large bank, or around 5,000 people in London all told. > > > > > (Additional reporting by Annika Breidthardt, Luke Baker and Ilona > > > Wissenbach; Editing by Will Waterman) > -- You received this message because you are subscribed to the Google Groups "Epistemology" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. To post to this group, send email to [email protected]. Visit this group at http://groups.google.com/group/epistemology?hl=en. 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