Wall Street's New Gilded Age (TBTF: Too Big To Fail Banks)
A year after the crash, financial giants are making millions again.
A hundred years ago, people angrily compared the House of Rothschild to a giant octopus with its tentacles wrapped around the U.S. economy. Today it's the turn of Goldman Sachs to be likened to a "great vampire squid." To understand why, you need to go back 12 months.
A hundred years ago, people angrily compared the House of Rothschild to a giant octopus with its tentacles wrapped around the U.S. economy. Today it's the turn of Goldman Sachs to be likened to a "great vampire squid." To understand why, you need to go back 12 months.
The Lehman bankruptcy was in fact only one of seven events that, in the space of just 19 days, signaled the end of an epoch...
The likelihood is that the most important flaw in our financial system will not be addressed. That flaw can be summed up in a single phrase: banks that are "too big to fail." Let's call them the TBTFs.
Millennium Lyon Asset Management
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posted by Victor Lloyd Smith @ 1:30 AM
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