Wednesday, August 29, 2012

Dodd-Frank: Bank Employee Fired Over Cardboard Dime From 1963

Dodd-Frank: Bank Employee Fired Over Cardboard Dime From 1963It's clear that the ghosts of Barney Frank and Chris Dodd will haunt us long after the pair's political careers are put to rest. Not only did Frank and Dodd help crash the economy, not only did they walk away unscathed from the economic disaster they helped create, but they created the most intrusive set of financial regulations this country has ever seen in Frank-Dodd. The legislation is so intrusive, in fact, that the House Financial Services Committee has estimated that financial companies will have to hire 10,000 full-time employees just to ensure their companies are complying with the onerous new rules.

How onerous are the rules? Well, in order to comply with Dodd-Frank, Wells Fargo was recently forced to terminate a long-time, loyal employee because he tried to stick a cardboard dime into a washing machine in 1963, when he was a teenager. As per Dodd-Frank, no financial institution can have on its payroll anyone convicted of a financial-oriented crime, regardless of how petty or how old the conviction.