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What has prevented Obama from acting more decisively in this regard, especially in his second term when no longer dependent on Wall Street donations? Is your argument that he has been ideologically captured?

Or has he simply taken the pragmatic view that prosecuting a few banksters is uncertain of success, unlikely to change much in the real economy, and if anything, more likely to hinder economic recovery by propagating the meme that his administration is anti-business?  The EU experience of prosecuting banksters is even more anaemic, if anything...

FWIW my experiencing of working in an (EU headquartered) non-financial global multinational is that they were quite scrupulous about obeying the law in all lands they operated in. They might lobby for laws more favourable to their business, but would never countenance actual law breaking. They were also quite in favour of strict enforcement of what regulations did exist, as allowing others to flout the law would place them at a competitive disadvantage.

Outsiders frequently view big business lobbies as one coherent organisation, whereas in practice there can be fierce competition between businesses, and fierce resentments stirred up if a competitor is seen as having gotten away with some infringements as this places the whole industry in disrepute as well as "unfairly" advantaging the miscreants.

Thus I am not convinced that the financial sector as a whole would have a problem with the strict enforcement of existing regulations (such as they are) or with the severe punishment of those who flout them.  In fact there could be considerable frustration at the lack of enforcement.  

But then again, US big business could be very different. Senior US businessmen operating in Europe frequently had the reputation of being very right wing, very doctrinaire in their approach, not very culturally sensitive, very egotistical, and often not very bright.  But I digress...

Index of Frank's Diaries

by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Fri May 20th, 2016 at 08:41:00 PM EST
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