On Sat, 17 Aug 2013 17:54:28 -0500, F. George McDuffee
wrote:

On Sat, 17 Aug 2013 15:20:46 -0700 (PDT), "
wrote:

snip
So what laws are the banks violating?
snip

This is the crux of the problem. It may well be that after
two decades of "deregulation" no laws were indeed broken,
but then again, up until about 1865, holding people as
chattels [slaves] broke no US laws either.

The fact that no laws seem to have been violated...

I don't think that's the case, George. It appears that the SEC has
acquired some balls and is going to go after them on something like 15
USC § 78i.

is not a
justification for continued unethical and counterproductive
[in the aggregate] activity but rather a highly persuasive
argument for the immediate re-enactment (and draconian
enforcement) of new and improved versions of Glass-Steagall
to reconstruct the firewalls and bulkheads between the
financial services sectors and the reanimation of the CFTC
with reimposed position limits in the commodity markets
[among many other things] and the re-regulation, if not
prohibition, of "derivatives" aka gambling contracts.

The granting of Federal tax exemption on the interest paid
on municipal bonds must also be closely regulated/monitored
due to widespread and increasing abuse, although that
particular horse has been long ago been stolen, it may not
be too late to save the tractor, saddle, hay, oats, corn,
etc. by locking the barn now.

IMNSHO -- The rogue banksters and financial dons/capos are
now a far greater threat to not only the American Republic
[as we know it] but the capitalist/free market economic
system, than Marx, Lenin, Stalin or Mao ever was.