The Obama Bank Fees are yet another strategy to redirect blame to institutions and away from the managers of those institutions who are responsible for the financial crisis.

President Obama said that those who oppose this fee are audacious to think that it is unfair.

“Obama Questions the ‘Audacity’ of Those Who Say the Bank Fee Is Unfair”

Well I for one think it is grossly unfair.

The Banks are not people and did not cause the crash. The management teams running them did bad things, took great risks and are fully accountable and responsible for the financial crash.

Not only did they destroy their own banks, they destroyed the shareholders - the rightful owners of the banks and destroyed many lives across the world who had nothing to do with them.

When you applied for a loan was it the bank that rejected it or was it the bank manager?

They need to be held accountable, NOT the institution itself…..

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Right now the question to ask before investing again is, “Who Can You Trust?”. The answer should be a resounding NO ONE.

We have seen the utter disdain and contempt with which the public investors are held by many of the blue chip boards and executives, as well as many fund managers and financial planners.

We have seen boards award massive pay rises to their CEO’s and to themselves. This has occurred despite the shareholders voting against such practices. Any reform of the markets should include giving shareholders back the control of the companies they own. It sound crazy but it is a shareholders right as the owner to decide on the remuneration of its workers. I say workers because the CEO is a worker and works for the shareholders.

If the shareholders don’t approve a pay rise then the CEO can always leave. If that results in the Company not performing as well with the next CEO, it is the shareholders who will be responsible. That is as it should be since they own the company. Read the rest of this entry »