“Occupy Wall Street”

October 7th, 2011

frankel-2010The following opinion piece on the “Occupy Wall Street” movement is written by School of Law professor Tamar Frankel, an authority on securities law, corporate governance, and legal ethics:

 

 

The big banks are not private business enterprises. They are public utilities — public service entities — that are supported by taxpayers’ money.

Therefore, they may not hoard cash when their public purpose is to lend. They may not increase costs when the profits of their managements and their employees are reduced.

The time has come for depositors to leave banks that abuse their privileges. The time has come for the regulators of banks to remember the purpose for which they were given power.

Let smaller banks take over — they might serve the country better.”

Frankel can be reached at 617-353-3773; tfrankel@bu.edu


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