Washington Post – Does America need Wall Street?
By Jeff Madrick, Published: November 18
“…It has used Americans’ savings to make wildly risky trades that fed bankers’ profits. It has not abided by free-market practices. It has traded complex securities in secret; it is rife with conflicts of interest; it has charged monopoly fees to underwrite securities, advise on takeovers, manage portfolios and make loans. Wall Street has paid its workers to take risks and hasn’t penalized them when they were wrong. And, judging by the findings of a Senate investigative committee and the Financial Crisis Inquiry Commission, Wall Street has bought favorable credit ratings from Standard & Poor’s and Moody’s. Its practices have driven speculation through the roof in every decade since the 1980s, always ending with a crash….”
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