11–20 of 158 posts
Can someone explain what was the idea to serve the under-served that archive.org should do this?
just someone who has a great idea to help the world having another one.
i think the first step here, since they accepted defeat at some level, is to start releasing names of everyone signing those letters or visiting them. giving names that newspapers can go after and get names higher up is always helpful.
Can someone explain what was the idea to serve the under-served that archive.org should do this?
If you want to set up a subprime loan shop (which it seems he did) just do it. Don't hide it as a community benefit
The system is so broken it's not even funny.
It's often a lot cheaper, at least in the Netherlands, to buy an unused banking license than to actually jump through all the hoops to get a new license. Reading this, this regulator seems to have a lot of leeway to propose arbitrary restrictions thus hampering business in the interest of protecting customers. It's hard to do a cost-benefit on this type of customer protection by the regulator. Related reads: * Rule o…
One bank was getting examined to determine if it was engaging in unfair lending practices. The regulators pulled 6 loans at random from the bank's portfolio. 3 loans were to men, 3 to women. Then they looked at the average interest rate on the loans to the men, the 3 on the loans to women. They found a .5% difference between the male and female averages (the men had the lower rate).
The regulators fined the bank several thousand dollars and required it to adopt new processes to ensure that future loans were "fair."
Had the regulators looked closer, they would have noticed that the three random loans to men all went to older men with high credit scores...and each male was in a white collar job (doctor, lawyer, etc.). The loans to women, which were pulled at random, were each to younger women, just starting their careers. These were auto loans to a first time car buyer, etc.
The regulators didn't care about the details and punished the bank anyway. You are guilty until proven innocent, and they don't expend a lot of effort trying to prove you innocent.
In this day and age of big data, a bank or credit union's best bet is to use the power of business intelligence to continually prove that it is lending fairly in the community and climate that it dwells.
Whenever people push for more unbound regulation, this is what happens. The big players can hire another lawyer and get the regulators for a tennis match at that fancy club while the small players drown in paper. Ah, and also this: ". As an engineer, when I looked at how the transaction systems work, I was shocked to see few technological safeguards. I imagine there is major fraud activity. Ironically, the bankers an…
because 2008 made out clear that no oversight works just fine. those are laws to protect laws placed to protect banks et al long before. the original laws give some state insurance for a very cheap price, which can easily be abused if someone start a bank/union, give lots of loans to a partner and then crash said bank/union. ... which is exactly what the 2008 was about if you stop believing all banks were surprised b…
I personally consider banking and government in general to be fairly corrupt, but do you have any evidence that literal bribery is common?
Earlier quoted context omitted.
because 2008 made out clear that no oversight works just fine. those are laws to protect laws placed to protect banks et al long before. the original laws give some state insurance for a very cheap price, which can easily be abused if someone start a bank/union, give lots of loans to a partner and then crash said bank/union. ... which is exactly what the 2008 was about if you stop believing all banks were surprised b…
> nobody does business with any government without bribes. maybe he is not such an accomplished banker as he believed if he never got to that part. I personally consider banking and government in general to be fairly corrupt, but do you have any evidence that literal bribery is common?
It's more a combination of favors, revolving door employment and consideration for friends and family.