American Morning

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September 14th, 2009
10:10 AM ET

Banks Gone Bust: Reforming the financial system

It has been a year since Lehman Brothers collapsed and we learned about the big risks Wall Street was taking with our money. Today we kick off a series of special reports called "Banks Gone Bust."

We're asking if Wall Street can ever be trusted with our money again. CNN's Allan Chernoff investigates whether we're any safer today.


Filed under: Banks Gone Bust • Economy
soundoff (2 Responses)
  1. carol

    How in the heck can you feel safer, the crooks and financiers that bankrupted America were all given tax payer money 1st by bush and 2nd by Obama. and a slap on the wrist ( oh my ) why in hell didn't THE MONEY COME BACK TO US THE TAX PAYER - WHY DIDNT WE GET A CLEAN SLATE TO WORK WITH ??????? EACH AMERICAN TAX PAYER PAYING TAXES AND 18 YO WOULD HAVE GOTTEN 450,000.00 OR MORE.. this would have certainly put the country on the right track every one would be paying off mortgages and credit cards and having excellent credit to boot ...... but instead what do they do....... your looking at results....screw the people, foreclosures, bankruptcy, homelessness, bad credit..... BECAUSE.... the GREED . GIVE THE AMERICAN PEOPLE ALL THEIR MONEY BACK IN LUMP FORM, CANCEL ALL AMERICAN DEBT IMMEDIATELY, PUT PEOPLE BACK IN THEIR HOMES....... WE HAVE TO REVOLT ...ITS TIME TO TAKE AMERICA BACK.

    October 8, 2009 at 8:18 am |
  2. Linda Voce

    This post is a response to recent news regarding a new financial instrument being created by the banking industry. They would like to buy up life insurance policies that elderly Americans are willing to cash in due to the current poor economic crisis. These would then be bundled and resold. How these could be rated and how secure they would be does not seem to figure in the equation yet, merely how much money could be made off of them. Even though the last 'wonder' products that they developed put the entire world in a steep downward tail spin, they have not lost any time in looking for....and finding the next wonder product. Now, I do understand that anyone is allowed to be creative in coming up with ways to make money. As a society we do however have the power and the responsibility to analyze the products and companies out there for there ultimate benefits or costs. Frank Capra demonstrated this perfectly in the difference between the Bailey Building and Loan and Potters bank and the effect both had, or could have had on the community. When pure profit with no responsibility to avoid doing harm is the sole motivation of an institution then the costs to society will always outweigh the profits garnered by a few.

    Maybe we need a labeling system for our financial industry. Maybe banks and insurance companies and investment houses need to be analyzed by an independent group of citizens and labeled 'Bailey's or 'Potters'. Then the general public can vote with their own dollars...and feet.. for what type of town they want to live in.

    September 25, 2009 at 8:30 pm |