Unlikely New Year's Resolutions for Wall Street
Here are several unlikely resolutions for the financial world. Doesn't hurt to dream though.
- %%DynaPub-Enhancement class="enhancement contentType-HTML Content fragmentId-1 payloadId-61603 alignment-right size-small"%%Banks could resolve to voluntarily slash compensation and share the wealth with investors, main street, and the taxpayers who bailed the system out in 2008 and 2009.
- Banks could also boost and maintain their cash reserves to avoid any more handouts from the U.S. Treasury.
- The SEC could resolve to send senior field agents to any institutional money management fund with over a billion in capital that received multiple investor complaint. And, the results of the field work should be sent to the commissioners for review and not some bureaucrat working for $80,000 a year and a pension.
- The Federal Reserve could provide Congress and the public with a full annual audit of its balance sheet and loans to major U.S. financial firms--so Ron Paul does not have to do it for them and ruin the central bank's independence.
- Banks could stop making home equity loans ever again and let people get credit based on their incomes.
- The risk committees of the board of directors at banks could resolve to actually spend the time to investigate the most dangerous assets on the balance sheets of their firms--using outside auditors who don't make money creating and selling exotic financial instruments.