William K. Black | Wednesday 26 January 2011
A truly amazing thing has happened in banking. After the worst financial crisis in 75 years sparked the “Great Recession,” we have
- Failed to identify the real causes of the crisis
- Failed to fix the defects that caused the crisis
- Failed to hold the CEOs, professionals, and anti-regulators who caused the crisis accountable—even when they committed fraud
- Bailed out the largest and worst financial firms with massive public funds
- Covered up banking losses and failures—impairing any economic recovery
- Degraded our integrity and made the banking system even more encouraging of fraud
- Refused to follow policies that have proved extremely successful in past crises
- Made the systemically dangerous megabanks even more dangerous
- Made our financial system even more parasitic, harming the real economy
And pronounced this travesty a brilliant success.
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