Friday, January 21, 2011


Are you tired of living in a world where the intgrity of the market is compromised, and the banks operate like this ...

If so take a look at RJ Eskow's "borrowers' bill of rights" for the financial sector. While his focus is on fixing foreclosure fraud, his suggestions would go a long way in getting Wall Street and the banks working on the side of the American consumer (which, by the way, Adam Smith said is supposed to be the primary goal of the market).

Here's ten commons sense regulatory suggestions from Eskow's piece that I like ...

1. Honor Contract Provisions (e.g. no altering terms when contracts are sold off).

2. Honor State/Local Laws (rather than allowing "dummy" corporations to bypass regulations).

3. Don't Allow Homes to Become Digital Gambling Chips.

4. No More Retroactive Immunity.

5. Public Admission of Wrongdoing in Plea Deals (like this sleazy Alabama deal done through JP Morgan).

6. Make Auditors Legally Liable.

7. No Bonuses if you Get Rescued.

8. If You Borrow From the Federal Reserve at 0% You Must Lend.

9. Banks Shouldn't Own Fee/Servicing Companies

10. Rescued Institutions Must Renegotiate Underwater Homeowners.

Read his article for the details, and more. They would go a long way in bringing integrity back to the market.

- Mark

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