Tuesday, October 23, 2012
Go on, take the money and run
This Article talks about a settlement a foreign bank paid as called for by Nevada. It eludes to the fact that many foreign firms cashed in on our housing "boom" and effectively were able to take the money and run. This leads me to the following question. How many other instances did this occur that we don't know about do you think? How much of our money walked out the door to other nations would in the end held little to no responsibility of the disastrous outcome? Will this most recent ruling inspire other legal parities to seek reimbursement?
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I hope that it does spur others who have been caught in these situations to seek reimbursement. However globalization is a two way road, or at least it should be. Therefore the bad investments made by Lehman at the expense of the Greek people should also be reimbursed. We should be careful how far we extend ourselves in this area because, I'm sure we owe a greater part of the world some kind of debt for our financial faults. If we push to far forward, then we could experience a push back that is much harder.
ReplyDeleteI agree with Evan that globalization is a two way road. Before the housing "boom" lot of foreign investors were attracted to the State and were helping for the growing economy. There are obviously dark side to it such as in this case. As America is still one of the biggest and prosperous economy to the rest of the world so people are going to make investments, hence we should be careful that we don't lose control over the foreign investments being made.
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