****** Off at the Corporate Banking Industry? Here's an Easy Way You Can Hurt Them

[peaceandlove]

****** Off at the Corporate Banking Industry? Here's an Easy Way You Can Hurt Them

By Stephen Pizzo, News for Real. Posted April 1, 2009.

We need to force the administration to do to these tumorlike institutions what they just did to GM. Moving our checking accounts will do the trick.

I voted for Barack Obama, and I continue to wish him nothing but success. But I have to admit his and Tim Geithner's solution to the banking crisis is exactly the wrong solution. The administration seems to believe the best thing to do is to throw the drunken "money center" bankers into detox, hose them off and put them back in the game.

It's a bit like asking ExxonMobil to run the Environmental Protection Agency, or appointing Charles Keating to head the General Accounting Office.

The strange thing is that others in the administration, particularly those tasked with straightening out the auto industry, are taking the opposite -- and correct -- tact. They fired the head of GM and cleaned out GM's board of directors for good measure.

That's how you begin fixing stuff that's broke -- first you get rid of the folks who broke it. What you don't do is hand them billions of free bucks, a hearty slap on the back and a rousing "Now, go get 'em tiger!" (Because they will.)

But that's precisely what the administration is doing for America's failed money center banks. The nation's largest banks are often referred to as money market banks or money center banks.

In addition to the traditional markets, to be a money center bank today means to have a global presence as well as heavy involvement in wholesale banking with clients including many retail banks and large corporations. Citibank, JPMorgan Chase and Bank of America fit this description. Here's a list of America's leading money center banks. http://www.icba.org/consumer/BankLoc...emNumber=51757

Article continues: http://www.alternet.org/workplace/13...can_hurt_them/

Article sourced at: http://solari.com/blog/ Catherine Austin Fitts' blog