Friday, January 4, 2013

What's My Line?

Used car salesman or a mega-bank CEO?
(And, um, which finger is that?)

The Atlantic is out with a cover story about the lack of transparency at Wall Street biggest banks.  When the system finally crashes, don't say that you were not warned.


"[A]s trust diminishes, the likelihood of another crisis grows larger.  The next big storm might blow the weakened house down.  Elite investors—those who move markets and control the flow of money—will flee, out of worry that the roof will collapse.  The less they trust the banks, the faster and more decisively they will beat that path—disinvesting, freezing bank credit, and weakening the structure even more.  In this way, fear becomes reality, and troubles that might once have been weathered become existential."

Want more?  This Bloomberg piece reports that JP Morgan Chase (the bank headed by the dude pictured above) may be sanctioned for blowing off regulators by withholding information regarding one of its illustrious clients, Bernie Madoff.  Yes, that Bernie Madoff (dude pictured below).

Or how about this one detailing how the banks defeat and defuse regulatory reviews of their own shady lending practices?

No comments: