29 January 2011

Still Banking on Fraud

A truly amazing thing has happened in banking. After the worst financial crisis in 75 years sparked the “Great Recession,” we have

  • Failed to identify the real causes of the crisis
  • Failed to fix the defects that caused the crisis
  • Failed to hold the CEOs, professionals, and anti-regulators who caused the crisis accountable—even when they committed fraud
  • Bailed out the largest and worst financial firms with massive public funds
  • Covered up banking losses and failures—impairing any economic recovery
  • Degraded our integrity and made the banking system even more encouraging of fraud
  • Refused to follow policies that have proved extremely successful in past crises
  • Made the systemically dangerous megabanks even more dangerous
  • Made our financial system even more parasitic, harming the real economy

And pronounced this travesty a brilliant success.

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