But why is the banking system so fragile? The answer is simple. No other industry in the world operates so deeply in the dark. No other industry provides so little disclosure of what it owes and owns. No other industry has such eye-popping leverage – leverage that is little changed despite Dodd-Frank, Basel III, the Vickers Commission, and other so-called U.S. and international banking reforms. And no other industry engages in such rampant and unabashed deceit, corruption, malfeasance, and political bribery.
Pervasive opacity, extreme leverage, and rarely prosecuted criminality – those are the terrible hallmarks of the world’s Wall Streets. One can’t conceive of a more dangerous way to run any economic sector, let alone one that constitutes a critical public good, namely the financial exchange system.
1 comentário:
Os passadores de dinheiro desembestaram já há mais de um século, e corromperam a oligarquia que nos governa (não estou a falar de Portugal, isto aqui é mais merceeiros.)
É como se os passadores de drogas começassem a acreditar sinceramente na virtude dos seus próprios produtos.
Aberrante.
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