Few people were advocating bankruptcy because it might abrogate agreements with organized labor and leave financial institutions liable for selling securities that were suspect or even fraudulent.
"If we're ever going to manage the risks and effects of electronic impersonation," he wrote recently on CNET (and also in his blog), "we must concentrate on preventing and detecting fraudulent transactions". And the only way to do that, he added, is by making the financial institutions liable for fraudulent transactions.
And that means making the financial institutions liable for fraudulent transactions.
Banks must report large cash deposits and suspicious transactions, and bank officials may be held personally liable if their institutions scrub clean dirty money.
About 200 lawsuits have been filed in Louisiana alleging that these institutions are liable for the deaths and for the suffering of other patients who survived because corporate failure to plan adequately for flooding and implement evacuation constituted negligence or medical malpractice.
I dont know what the final solutions will look like, but I do know that once financial institutions are liable for losses due to these types of fraud, they will find solutions.
He told the inquiry that "actions and failures" may be identified, but added: "Neither of those matters will involve finding individuals or institutions legally liable to penalties, or for damages or for breach of duty in a legal sense".
A financial institution which requires written confirmation in accordance with the previous sentence need not provisionally recredit a consumer's account in accordance with subsection (c), nor shall the financial institution be liable under subsection (e) if the written confirmation is not received within the ten-day period referred to in the previous sentence.
The institution is liable for the cost of services rendered by the laboratory.
Frank, who served as chairman of the House Financial Services Committee during the Bear Stearns acquisition, said federal and state officials should reconsider holding financial firms liable for the wrongdoing of institutions they absorbed at the government's urging.
the institution agrees to be liable for any violation by the foundation of the provisions of this section and any implementing regulation, including any monetary liability that may arise as a result of such violation.
