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Comment by martythemaniak | Hacker News Reader

This is an example of why I think the next crisis won't be many decades into the future, but much sooner. Basically, nothing changed after the crisis of 2008 - no one was punished, laws were not changed (they were tweaked at best) and the most important, the culture of fraud and criminality on wall street has only been emboldened.

I don't expect Wikileaks to change anything either. They may have helped the Tunisian revolution along, but no matter how complete and damning their evidence against BoA is, nothing will be done against BoA.

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The "culture of fraud and deception" is illegal. Acts of deception can range from fines to decades in jail. Wall Street firms make money from customers who choose to do business with them. Any hint of deception completely destroys any future business with that client, as well as many other clients. I know this might sound like a shock to some of you, but banks make their money by providing services to customers who choose to pay for those services. It's basic capitalism.

You're obviously a troll. You aren't seriously trying to claim that Wall Street firms don't engage in deception are you?

Please cite specific examples of common deceptive practices (not just anomolies) if you're claiming that Wall Street fully practices deception on a daily basis. To claim that they do so is just absurd. Taking a populist opinion without understanding specifically how the banking industry works, and what it can and can't legally do, just wreaks of the Dunning-Kruger effect.

What's the point? You can google for yourself.

If I bring up examples they will be flawed because they are populist and because I don't understand banking as well as you do.

The banking system is flawless but you have to be a banker to understand this.

Well, if you cite specific examples about what you're referring to that's from a factual and objective source (since there could be thousands of different viewpoints), I would know your premise. Simply calling a whole industry as engaging in deceptive practices as a common occurence -- and freely accepted among those in the industry -- is unfair, absolutely untrue, and does nothing to help the financial system become more effective for society at large.

I didn't call out the whole industry as engaging in deceptive practices as a common occurrence. I do however think there is some deception occurring and that if it isn't uncovered and corrected, it will grow.

You did however did claim that any hint of deception would destroy their business and that therefore deception is not happening.

I think your claim is absurd and does nothing to help the financial system become more effective for society at large.

It's simply impossible that you've been following the politics/economics/finance for any longer than a week and you haven't heard of stuff like Dual-Track or Robosigning or document fraud (especially allonges).

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