Ludicrous Times Op-Ed Forgets Entire Year of Wall Street History, by Matt Taibbi
“Anyway, what happened after Weill’s outburst was similarly fascinating. The significance of Weill’s comments, of course, is that even a man such as Sandy Weill now says the Too-Big-To-Fail model is unsustainable. If even Sandy Weill knows it by now, who else needs convincing?
This should have been a debate-ender, a signal that we can all move past the arguing phase and get to the more daunting logistical task of breaking up mega-firms like Citigroup, Bank of America, and J.P. Morgan Chase.
But it didn’t turn out that way. The dug-in stalwarts in the major financial outlets, much like Japanese soldiers still swearing allegiance to the emperor from Pacific island bunkers years after Hiroshima, came out blasting Weill for, in essence, kowtowing to (probably communist) popular opinion.”
“How the Wall Street Journal can bring up the LIBOR scandal – both a textbook case of antitrust crime and more or less the ultimate example of insider trading, with banks trading against their own secret, non-disclosed manipulations of interest rates – and lump it in with things that supposedly “aren’t crimes” is beyond mind-boggling. People can and do go to jail in America for smoking marijuana or selling food stamps for rent money, but apparently it reeks of Stalinism to even suggest that even one person should go to jail for manipulating an $800 trillion market. “
“These arguments have been made over and over again. Even Sandy Weill is making them now. But everybody knowing the truth and everybody doing something about it are two different things, as we’ll likely spend the next years, or even decades, finding out.”