This post by Eliot Spitzer make me sad he couldn’t keep his pants on when it counted.
He asks critical questions about how, why and who at the banks screwed up so badly, and what’s going with the bailout. His theme is that more sunlight in the dimly lit backrooms of Wall Street is the only thing that will restore confidence among the public.
Even now the big banks, their vaults filled with public dollars, are refusing to tell regulators how much they’re lending. They don’t feel that the rules have changed any. That tells me that the banks and Wall Street see this as just a temporary storm, that there is nothing fundamentally wrong with the system and they plan to go back to what they were doing when they can.
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We will not get any ’sunshine’ on these things until after the new administration gets in and gets its people into the regulatory agencies. For Paulson and the rest of those there today it is still ‘business as usual’
exposed to the light, these bums would go out of business.