Tag: Regulatory Agencies
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Government regulation of banks resulted in larger disasters
Since the creation of the modern banking regulatory apparatus the losses, as a percentage of GDP, have grown from 1% in 1913 to 7% in 2009. The safer the government tried to make banking the greater the risks people and businesses took. This resulted in larger failures and losses. “It is scarcely to be expected…that…
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NOTAMs are now more inclusive!
The FAA had to ground all domestic flights this morning because of an outage in the NOTAM system. While a big deal, every system, especially old ones like NOTAM, should be expected to go down every once in a Blue Moon. What’s news to me is their was a change to the acronym. NOTAM used…
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Wells Fargo breaks the law again and no one goes to prison
Years ago Wells Fargo settled with the SEC to the tune of $3 billion dollars stemming from a scandal where for nearly 18 years the bank opened fake accounts in customer’s names. The Justice Department did not send anyone to jail for that. As part of the settlement, Wells Fargo admitted that it “unlawfully misused…