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Consumers Slow To Forgive Financial Industry’s Sins

Thursday, August 8, 2013 - 8:22 AM
According to the 2013 Edelman Trust Barometer, financial services remained the least trusted sector globally. The massive annual study, now in its thirteenth year, found that more than half (54%) of respondents don’t have much faith in banks.

Consumers Slow to Forgive Financial Industry’s Sins
7
ShorebreakShorebreak2,362 posts since
Apr 6, 2010
Rep Points: 12,562
1. Thursday, August 8, 2013 - 10:26 AM
It is just not bank and their investing and loan practices it is Wall Street that I will also never trust again. Took everything out of investments in Dec 1999 and WILL NEVER GET BACK IN. EVER!!! Until they take the commissions out of the transactions or go to a transaction tax it will continue to be trading and not investing. What happened to fudicary responsibility? 

Will stay with FDIC and NCUA insured products and not have to  worry about seeing a large part of the principal disappear. I am a saver not a gambler. 
4
AllyAlly768 posts since
Jan 16, 2010
Rep Points: 2,230
2. Thursday, August 8, 2013 - 7:18 PM
"Consumers believe that banks have failed to monitor themselves and keep their greed in check. The think the banking industry needs:
  • More government regulation (27%)
  • More self-regulation within the banking/financial services industry (19%)
  • Stricter rules on executive compensation (18%)"
The consumers are right this time: By some black magic, the Government (and the bank-governing agencies) are more tolerant of banks and impose less regulation on banks than other industries. 

Banks are driven mainly by greed and more greed.

Bank executives demand sky-high compensation and they always get it.

And as FYI, the situation will get worse before it gets better.  It is just a world that greed/evil rules.  Sad but true.
4
51hh51hh1,460 posts since
Jan 16, 2010
Rep Points: 6,346
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