01:00 hours brainstorm...how to reform the financial sector:
1) repeal the Gramm-Leach-Bliley Act; let's make sure that commercial banks are never again allowed to trade securities.
2) Ban all forms of derivatives. No exceptions.
3) All revenue from speculative trading is taxed at 90%.
4) All hedge fund revenue is taxed as normal income, NOT capital gains.
5) All bank and investment firm CEO compensation (cash and stocks) capped at $500,000 (any dollar above that amount is taxed at 100%).
6) Feds regulate lending:capital ratios for commercial banks; if that ratio falls below an agreed minimum, bank is charged a hefty daily fine for every day when that ratio is below the required level.
7) Enforce anti-trust laws and break up financial oligopolies. If it's "too big to fail", then it's "too big to exist"!
8) All members of all House and Senate banking and financial committees are banned from receiving any donations from the financial lobbying industry.
9) The Treasury Secretary can never be an ex-financial sector employee.
I'll think of more stuff later...
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