Elayne Boosler: Banks Robbed Homes

Posted by admin on Tuesday, March 28, 2017

Elayne Boosler Money Quote saying investment banks robbed homes of investors and got arrested, but were let go if they returned tiny portion of what they looted. Elayne Boosler said:
 

 

“Basically, many banks (including the investment firm of Charles Schwab) essentially robbed the entire contents of our homes: dishes, furniture, electronics, family photos, your grandmother’s apron, everything. When caught by the police (the SEC), the thieves were asked to return only a toaster” — Elayne Boosler

 

 

Elayne Boosler seems to be criticizing financial institutions like Charles Schwab for major misconduct and a lack of serious consequences. Her metaphor portrays the companies as having essentially stolen all of customers’ personal possessions and valuables through their actions.

While the SEC (the “police”) caught them, Boosler argues the punishment of only returning a “toaster” is trivial and does not make up for the harm caused or properly deter future wrongdoing.

Her remarks imply that fines alone do not remedy extensive customer losses and suggest stronger penalties are needed to match the scale and impact of the infractions. Overall, she appears to believe financial regulators failed to adequately punish major rule-breaking by large firms.

Categories: investment Tagged:bankselayne booslerinvestmentrobbed