The NYTimes seems unaware that this very interesting article makes a compelling case for relying upon the free market for regulating big banks instead of those folks at the SEC, who did, after all, completely miss the Madoff fiasco.
The better course, in my humble opinion, would be a return to the division between investment and commercial banking of the Glass-Steagall days. That way, taxpayers don't provide implicit guarantees for investment bank gambles.
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2 comments:
Agreed. If JP Morgan Chase's trading unit had been just another hedge fund, it would have been fun to watch the whales fight it out. The London Whale was playing with a bank's moneys, not funds from "sophisticated" investors.
Did you notice that Mr. Weinstein wants to buy the awesome NYC apartment left by Huguette Clark? Out with the Old Money, in with the New!
Indeed, I meant to work that into my comment, but the thought flitted out of my mind before I hit "publish."
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