Most Bloomberg National Poll Participants Think the US Government Should Punish Bankers that Caused Recent Market Collapse

According to the Bloomberg National Poll, most of the people who were interviewed don’t like banks, Wall Street, and insurance companies. They also wish that the government would punish those responsible for the financial meltdown. 1,002 US adults took part in the March 2010 poll, which has a margin of error of approximately 3.1%.

Per the poll:

• 57% of Americans have a negative view of Wall Street.
• 67% of poll participants don’t think highly of Congress.
• 56% support the government in either limiting the compensation paid to the parties that helped cause the economic clause or completely banning them from the industry.
• 58% think that big financial companies are more committed to making themselves richer even if it means that regular people end up suffering.
• 40% of pollsters think that financial companies are key to fostering economic growth.
• Over 40% of participants think the government has exceeded its role with actions it has taken to repair the financial industry.
• 37% think the government can do more.
• Nearly 60% think Wall Street should do more to protect itself in the event of future financial disasters.

70% of those surveyed favor current banking regulation over President Obama’s proposal that an independent agency be established for consumer protection.
Americans seem wary of the setting up of a new federal agency that would be in charge of making consumer protection rules for credit cards and mortgages. Instead, they would rather increase the powers of our current regulators.

However, President Barack Obama is determined to keep pushing for a Consumer Financial Protection Agency that he says “will finally set and enforce clear rules… across the financial marketplace.” According to New York Times Columnist Bob Herbert, Obama’s efforts are not making the financial industry and big-money interests very happy.

Regardless of what type of regulatory system oversees the financial markets, our stockbroker fraud law firm is determine to make sure that victims of securities fraud recoup their losses.

Related Web Resources:
Wall Street Despised, Most Want Oversight, Poll Shows (Update1), Bloomberg/Business Week, March 24, 2010
Derailing Help for Consumers, The New York Times, March 26, 2010
Consumer Financial Protection Agency, Los Angeles Times, August 2, 2009
Contact our securities fraud lawyers at Shepherd Smith Edwards & Kantas LTD LLP today.