Last week's JP Morgan blowup has now put any lingering questions to rest:
Wall Street banks simply cannot be trusted to manage the massive risks they are taking.
After the financial crisis, when most of the world's banks were revealed to have been run by reckless gamblers, a couple of institutions stood above the fray.
JP Morgan was one of them.
The idiocy of a handful of gamblers should not be construed as a problem with the system as a whole, institutions like JP Morgan said.
Well-run banks should be trusted not to be so colossally reckless and stupid. Well-run banks should be allowed to manage their own risks. Well-run banks should not be hammered with strait-jacket regulations that would stymie their marvelous money-making innovation. Well-run banks should be free to look after themselves, like responsible adults.
The banking lobbying engine rushed this message to Washington and threw money around. And the bankers quickly persuaded CongressRead More »from JPMORGAN PROVES IT: Wall Street Is Just Kids Playing With Dynamite