John Doe: Financial Regulators Have Failed

Posted by admin on Sunday, June 5, 2016

John Doe (Panama Papers anonymous source) Money Quote saying the wealthy have focused on policies favorable to banks and avoidance of paying a fair share. John Doe said:
 

 

“Banks, financial regulators and tax authorities have failed. Decisions have been made that have spared the wealthy while focusing instead on reining in middle- and low-income citizens” — John Doe

 

 

In this quote, John Doe is criticizing banks, financial regulators and tax authorities for how they have responded to economic issues. Doe argues that these institutions have “failed” in their responsibilities by sparing the wealthy from consequences but instead focusing on “reining in” middle- and low-income citizens.

He seems to be suggesting that after various financial crises or decisions, the wealthy were bailed out or faced little penalty, while middle and lower income groups bore a disproportionate burden through measures like austerity, tax increases, or crackdowns on things like overdraft fees.

Doe’s view is that the institutions charged with overseeing the financial system and tax code have let the wealthy off too easily while targeting average citizens, reflecting a bias in favor of protecting accumulated wealth.