The President has spoken, but the system is still broken. The SEC has come down on Goldman Sachs but the company is now mounting a no-expense spared defense. Shocking disclosures of greed and fraud continue to trickle out from the Mammon factory and Babylonian leviathan that is Wall Street.
Writing in the New York Times Sunday, business columnist Gretchen Morgenstern says there can be no real reform without breaking up the big banks.
Recently, on the Bill Moyers TV documentary banking experts Simon Johnson and James Kwak said that US big banks are an “American oligarchy.” “It’s a very simple, straightforward idea from Aristotle. It’s political power based on economic power. And it’s the rise of the banks in economic terms, which we document at length, that it’d turn into political power. And they then feed that back into more deregulation, more opportunities to go out and take reckless risks—and capture huge amounts of money.” The joint assets from Goldman Sachs, Morgan Stanley, JPMorgan Chase, Citigroup, Bank of America, and Wells Fargo. presently are the equivalent of 60 percent of the US gross national product.
For more: Epoch Times - Reform Requires Breaking Up the Big Banks
No comments:
Post a Comment