After the CDO conflagration, the SEC has wrung measly settlements from banks and charged only two bankers, both low-level, while letting their bosses scamper away. That needs to change.
Morgan Stanley seems solid, but so did Dexia.
As a draft of the Volcker rule has made the rounds in the last several weeks, it has alternatively caused fits of despair and cries of exultation. And that’s just among the proponents of the regulation.
Since emerging as one of the country’s largest banks, Wells Fargo has continued to let its numbers speak for themselves. That may not be such a good thing.
Warren Buffett’s $5 billion investment in B of A is hardly a confidence booster.
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.
About The Trade
Recent Stories by Jesse Eisinger
- Rent to Own: Wall Street’s Latest Housing Trick
- Obama Stands At Crossroads On Financial Reform
- Senator Demands Answers on Red Cross’ Finances
- How Fear Of Occupy Wall Street Undermined the Red Cross’ Sandy Relief Effort
- The Wall Street Takeover of Charity
- Red Cross’ Latest Claim Includes ‘Donations of Blood’
- The Red Cross CEO Has Been Serially Misleading About Where Donors’ Dollars Are Going