NationStates Jolt Archive

It is time to honour (or, more appropriately, shame) some of the people involved in the financial crisis.

This is how this will work: People nominate someone or something for a category, the person or thing with the most votes wins it.

Categories

Worst Financial Institution
Many banks deserve a mention in this, but we need to crown a winner: which bank did the most stupid thing to get itself in trouble, hurt its shareholders, depositholders, other customers and employees. Which acted most brazenly and pissed you off the most?

Best Financial Institution
Which bank do you think did quite well out of it all? Who made the least mistakes, earned good money and now stands as one of the few examples of good management in the finance sector?

Worst Government Action
The list is long and full of gems, but which one takes the cake as being unbelievably stupid and counterproductive?

Best Government Action
This list is probably somewhat shorter for now, but which government agency in which country did something smart, innovative (or simple) that worked to solve the problem it set out to solve?

Worst Fat Cat (stupid)
Lots of candidates here, I'm sure, but which financial manager, trader or CEO do you think should win the award for not being particularly malicious or breaking any rules, but just doing something so dumb that it can only make you laugh?

Best Fat Cat
Someone must at some point have done something right. Who was it?

Best Commentary
News articles, opinion pieces, TV shows, random sayings you heard - profound, funny, informative...whatever you think "best" means.

And last but not least:

Worst Fat Cat (malicious)
Who lied, cheated and stole the most? Who made you angriest and really deserves some sort of punishment?

Note that "Fat Cat" doesn't presume wealth, poor people can qualify too.

Nominate away!

Worst Government Action The Bail out, all of it.

Best Government ActionCongress refusing the bail out The Big Three.

Worst Government Action - also going with 'the bailout', but for slightly different reasons. No transparency, no accountability, no protection, no mechanisms of control or regulation... throwing good money after bad. Banking the money based on buying up debt, then changing plans as soon as the ink was signed... not even dried. The whole thing was a fiasco, start to finish. Worse - even if perfectly executed, accompanied by regulation and an actual plan, accountability, etc... it still would have been a pretty bad way of addressing the problem.

Best Fat Cat: Not sure if he qualifies - can I nominate Nassim Nicholas Taleb? Not really a 'fat' cat, per se.

Worst Financial Institution is spoiled for choice. Today, I'd probably point to citigroup for the $400 million 'naming rights' japes over 'City Field'... that's got to be leaving bad tastes in a few mouths while they're taking handouts.

Best Financial Institution USAA (United Services Automobile Association). A very highly regulated company that does lending, banking, and insurance.

Unfortunately, its only available to service members and their families but they actually managed to turn a profit this year; the customer service they provide me is better than any other bank I have been too as well.

Worst Fat Cat (malicious: Bernard Madoff.

http://en.wikipedia.org/wiki/Bernard_Madoff

Categories

Worst Financial Institution: Northen Rock, the fact that they invested to many of these bad loans was the main reason for their fault. To tirted to go in exact details but you know the story, plus I suppose since this was 2007 it doesn't count. Second choice then, Mac Bank, cause they hired you (jks.)

Best Financial Institution: Good question I will have to look in for it more.

Worst Government Action: The British government, back in the early part of this century when they decided to split the responsibility of prudential regulations between the Bank of England and formed two other new institutions. Sorry I can't remember (too tired) I will get the details and inform you of it) But it was a major reason as to why the bank

Best Government Action: TBD

What are your nominatios Leon?

Worst Government Action: The British government, back in the early part of this century when they decided to split the responsibility of prudential regulations between the Bank of England and formed two other new institutions. Sorry I can't remember (too tired) I will get the details and inform you of it) But it was a major reason as to why the bank


It wasn't really forming the FSA itself that was the problem. They just made it badly, understaffed it and so on.

Best Commentary. Mr Tony Blair recently announcing he'd come to the conclusion that the last ten years of prosperity (including his time as PM) was complete luck. An extra dash of amusing since his rumoured long time enemy (current PM Gordon Brown) has long taken credit it for it. And is trying to build his election campaign around a reputation for financial credibility.

Worst goverment action: A double nomination for the Icelandic, and British govermental actions towards each other.

edit:

Worst Fat Cat (malicious) Davíð Oddson, former Icelandic pm, and current head of the Icelandic version of the Federal Reserve, at best he should be removed, at worst he should be lynched.

Worst Fat Cat (malicious) Davíð Oddson, former Icelandic pm, and current head of the Icelandic version of the Federal Reserve, at best he should be removed, at worst he should be lynched.

Don't you mean at best he should be lynched, and at worst he should be removed?

Don't you mean at best he should be lynched, and at worst he should be removed?
Well that would be for me, while I put it from his perspective.:wink:

Worst Government Action


Rudds Cash giveaway.

Atleast from an Australian perspective.

It wasn't really forming the FSA itself that was the problem. They just made it badly, understaffed it and so on.

Well it wasn't really the staffing levels it was the fact that now we had two institutions with conflicting responsibilities this meant that both were operating to work their own way and thus helped to lead to the decline of Northern Rock.

Look this is pretty crap explanation but I'm tired. Give me a chance to rest and get my brain back up to 100% effectiveness and I will give a better one. It is currently stuck in Neutral.

Worst Government Action: The Conservative Party's proroguing of parliament during the crisis, leaving people stuck with no government, and Harper having the gull to alienate the province of Quebec before running for the safety of 24 Sussex Drive to avoid a confidence motion that would have put the coalition in power and allowed for the government to address the crisis sooner and more effectively.

Rudds Cash giveaway.

Atleast from an Australian perspective.

I was going to say the Fuel watch scheme but the criteria said it had to be counter productive.

Worst Financial Institution - Lehman Brothers, for refusing a takeover the month before going bust, expecting the govt. to bail them out

Best Financial Institution - HSBC, for being the only bank (in the UK at least) to have more deposits than issued credit, throughout the crisis.

Worst Government Action - Congress voting down the bail-out (I was going to go with Darling's VAT stunt, for pointlessness, but I think Congress cocked up too badly to be let off)

Best Government Action - Gordon Brown's part-nationalisation

Worst Fat Cat (stupid) - McCain, for "saving the world" at the expense of his campaign

Best Fat Cat - Brown, for talking sense about worldwide regulation

Best Commentary - Any satire piece, really.

And last but not least:

Worst Fat Cat (malicious) - Madoff.