JPMorgan To Settle With SEC For $153.6M Over Misleading Investors

This is the kind of crap that happens when you have little to no financial regulation

http://www.huffingtonpost.com/2011/06/21/jpmorgan-to-settle-for-15-million_n_881388.html?ncid=edlinkusaolp00000008

Seriously, this is ridiculous. People claiming that regulation is bad for the economy and people need to have their heads examined! It's basic logic that enhanced regulation not only forces banks/businesses to adhere to a clear set of rules, but it also REQUIRES more jobs, which REQUIRES hiring more people and DIRECTLY helps to stimulate the economy!

Let me put that in language some of you can understand. Regulations are rules, correct? So, for instance, if you were raising a child, would you have clear and concise rules to put in place to help guide your child in the growing process? If you didn't/don't, you would be an idiot and, basically, a bad parent! Children need to learn discipline, hard work, sharing, caring, all the important things in life. You can't expect your children to grow into responsible adults without structure, rules, guidance, all of the above.

The same goes for corporations/banks. Their main goal is to achieve the most amount of short-term profits with as little cost as possible for shareholders; they are legally required to do so. However, this means that if any of their actions hurts the environment, people, the economy (what are called "the stakeholders", meaning the people/institutions affected by corporate actions), it doesn't matter as long as they're making continuous gains in short term profits. Even if the people running them personally believe in green tech and environmental safety and such, their only focus is profits profits profits. They will cut corners, cheat, lie, whatever it takes to achieve that goal. These types of actions are what led to the financial collapse of '07/'08.

As a result, regulations are necessary to ensure as much as possible that the actions of banks/corporations are not (as) harmful to stakeholders. For instance, they would force the oil industry to abide by a rigorous standard for, say, offshore drilling so that BP disasters don't occur. They force banks to protect consumers by not charging massive penalties for overdrawing on their debit cards. They force factories not to dump waste in local water supplies.

I understand that rules/regulations can be limiting, but they are in place for PROTECTION! That's why we have laws. That's why our government has a checks & balances system. That's why we tell our children "No" when they ask for candy @ the checkout aisle. It is a crying shame that in 2011, we are still having to explain to supposedly educated adults why rules are not only helpful, but LOGICAL!