Yesterday, Tim Duy reacted to the troubles at JP Morgan Chase with "Too Big To Fail Lives On." Simon Johnson agrees, and says it's time to change the rules: JP Morgan Debacle Reveals Fatal Flaw In Federal Reserve Thinking, y...
In the light of JP Morgan's stunning losses on derivatives, announced yesterday but with the full scope of total potential losses still not yet clear (and not yet determined), Jamie Dimon and his company do not look like any kind of appealing role model. Show More Summary
What does the "best on Wall Street" mean when bank executives and key employees have an incentive to make and misrepresent big bets? Bank executives get the upside and the downside falls on everyone else -- this is what it means to be "too big to fail" in modern America.
By Simon Johnson Experienced Wall Street executives and traders concede, in private, that Bank of America is not well run and that Citigroup has long been a recipe for disaster. But they always insist that attempts to re-regulate Wall Street … Continue reading ?