What was made can be unmade.
JPMorgan Chase and Wells Fargo may have venerable names, but they and the pseudo-venerable Citigroup and Bank of America are all products of countless mergers and agglomerations.
There is no rule of markets that requires a financial system dominated by four cobbled-together, lumbering behemoths.
It has been noted repeatedly that almost no top bankers have faced serious consequences for their actions in the financial crisis. But there is a Wall Street corollary that might be even more pernicious: good guys are punished.
After the worst crisis since the Great Depression, President Obama has unleashed an unusual force to regulate the financial system: a bunch of empty seats.
The most notable thing about the first-ever news conference of the Federal Reserve chairman, Ben S. Bernanke, last week was what wasn't discussed: banking regulation.
A former Moody’s analyst describes how the ratings agency’s culture has remained the same, despite pledges to operate differently after the financial meltdown.
The United States and Britain are two countries separated by a common financial crisis.
Since the crisis, Anat Admati and her colleagues have been arguing for higher bank capital standards to make the financial system safer. In this country, Professor Admati, who teaches economics and finance at the Stanford business school, has been a voice in the wilderness. In London, she finds a more receptive audience. "The U.S. is so much friendlier to the banks than the U.K.," she says. "You just try to get a word in -- well, the level of the debate is not the same."
About The Trade
Recent Stories by Jesse Eisinger
- The Fed Hates To Burst Your Bubble
- The Sorry State of Bank Apologies
- Big Investors Push for Auditors to Sign Financial Statements
- Mary Jo White was Supposed to Turn Around the S.E.C. She Hasn’t.
- Does Valeant’s Cost-Cutting Go Too Far?
- BlackRock Doesn’t Need A Scarlet Letter
- The Justice Department’s Foreign Aggression