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Private "No Fly" List

Accountability mechanism
 
(+3, -3)
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A long time ago in a land far away (last year around the world)...

A few bankers made horrible decisions that crashed economies & drained public coffers. Almost nobody went to jail. Most got bonuses.

Meanwhile, the universe doles out consequences to impoverished schools & families worldwide.

Those guys are just "untouchable", right?

Well, small business owners could go to a website called, say, the "Private No Fly List".

It'd be maintained wiki-like with profiles of each corporate leader who steered us into this mess. Photo, name & bio/responsibility.

Restaurants & private schools & hairstylists & hotels could simply have software to auto-lookup their customers (when they pay with a credit card) to see if there's a match. They'd see the photo on the site to verify, and if so....

"Sorry, we reserve the right to refuse service!"

Treat them like the pariahs they should be.

sophocles, May 27 2011

David_X._Li and Gaussian copula http://en.wikipedia.org/wiki/David_X._Li
Likely root cause of the global meltdown [csea, May 29 2011]

[link]






       The problem is that they were doing what they do. Somebody somewhere agreed to buy some low-quality mortgages at a discount; someone else sold insurance five times removed; someone put their investments into property; and so on for a hundred thousand someones.   

       Not saying its right, just saying that it's inherent in the system. It will happen again and again, and the people who will make it happen next time are probably the ones castigating their predecessors today.
MaxwellBuchanan, May 27 2011
  

       By the time they are paying for a restaurant meal or service with the card, they have already used the service so it's a bit late to refuse to take “their” money.
pocmloc, May 27 2011
  

       It's not too late to present them with their bill & announce to the crowd why they are not welcome back.   

       And, Maxwell: Yes, it's a system. Adding accountability to the system will improve the system. Those @ the bottom are already accountable (foreclosed), but those at the top are not yet accountable (bonuses). The moral hazard is huge. We will repeat this disaster, and even larger.
sophocles, May 27 2011
  

       // inherent in the system //   

       <Obligatory Python Reference>   

       "Come and see the violence inherent in the system. Help! Help! I'm being repressed !"   

       </OPR>   

       [MB] is right. The "system" is like it is because it is composed of Mk. 1 human beings, who are notoriously venal, greedy and selfish. It is "selected" because it appears to offer the best prospect of "happiness" to the majority. In fact, all that happens (because of the Law of Unintended Consequences) is that the misery gets shared around differently now and again.   

       If you offer a chimpanzee a choice of two boxes, one containing a single banana and one containing two bananas, the balance of probabailities is that the chimp will choose two bananas over one.   

       Some time later, a jet of ice water is sprayed at the group of chimpanzees. Sometimes the banana-chooser will get wet; sometimes it won't.   

       But irrespective of whether it gets soaked or not, when the same choice is presented again, the chimpanzee will, on the balance of probabilities choose the two bananas.   

       Bankers are a lot like that, only not so intellectually sophisticated.   

       Having said that, penning bankers up in a featureless concrete pit, feeding them on bananas and intermittently spraying them with iced water is an idea not without merit ...
8th of 7, May 27 2011
  

       nothing to do with icelandic volcanoes then?
po, May 27 2011
  

       8th of 7. It's anno's like that that make the HB so precious.
sophocles, May 27 2011
  

       Good luck with that. It would take exactly ONE libel/defamation lawsuit to shut that down in a hurry, and make anyone who ever had anything even remotely to do with it to be really sorry they did. It wouldn't even matter if you ultimately won a given case. Libel suits can be incredibly costly to defend against, and in some countries *cough*England*cough* the law is so heavily stacked in favor of complainants that it's essentially de facto private censorship.   

       Anyway, this is little more than mob justice gone digital. [-]
ytk, May 27 2011
  

       so let's see -- a few billion years without bankers, including 150K or so of being eaten by cave bears and lions, and then Mesopotamia. For the most part, it's been an improvement.   

       By all mean patronize (or don't) whomever you wish -- I've switched banks after being outraged by a fee. But don't look for a scape goat -- the reason for the crisis is certainly not the people who loaned money out, nor is it their fault that they were bailed out -- I doubt most would have asked for it, and plenty failed and do fail routinely.   

       The banking system, if anything, is being obsolesced by technology (from peer lending to yesterday's Google Payments and Square) -- as it should be - good ideas should over time disrupt inefficiencies in the banking system, and improve the services to all of us.   

       But the velocity of money in the economy is absolutely critical to improving lives. Painting bankers as evil doers is as helpful as painting scientists as mad or nerds as...nerds.   

       And the money is certainly NOT in their pocket -- sure, some had big pay days. But on any given day, someone has a big pay day.   

       The assets that evaporated cannot be accounted for by banker bonuses -- they were simply inflated expectations and revenue multiples -- and driven primarily by greed, to be sure -- but not by the greed of a few bankers, but rather by the greed of the entire population involved in real estate.   

       I know people that took out additional equity on their homes to buy apartments in Florida, because you couldn't lose. When they lose those apartments, and their houses to boot, the bank is the last place they should look for blame.
theircompetitor, May 27 2011
  

       There are good & bad bankers.   

       This is for those bad bankers, who even their peers generally admit did highly unethical things with grave consequences (for everyone but them), but are simply immune due to lack of laws (since the laws don't keep up with new schemes.) (And, laws are made by legislators who are funded by bankers.)   

       In the USA, most credit unions didn't take those risks, didn't get the wild profits, and didn't take a nosedive & then get bailed out. But they did provide loans & most banking services.   

       In short, yes, this is a proposed digital mob justice plan when all other methods of justice fail.   

       Bringing the bad bankers trouble will make room for the good bankers to thrive & provide services.
sophocles, May 27 2011
  

       //mob justice plan when all other methods of justice fail//   

       Huh.
ytk, May 27 2011
  

       I will gladly take your ill gotten gains. Please come again sir.
WcW, May 27 2011
  

       I have a private "no fly" list:   

       Garuda; China Airlines; Cubana; AirZimbabwe; TAM; AeroPeru.   

       All of them are pretty grim.
infidel, May 28 2011
  

       I'm pretty sure that none of the bankers or CEOs involved in the various bailouts ever fly commercial.
Guncrazy, May 28 2011
  

       Probably not.
infidel, May 28 2011
  
      
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