How the Government Failed to Fix Wall Street
Four years have passed since Lehman Brothers’ collapse; two since Obama signed financial reform into law; one since the occupation of Zuccotti Park. But the Justice Department has yet to convict a single high-profile banker. And despite the Dodd-Frank reform package, critics suggest that the system is hardly safer than it was in 2008—from JPMorgan’s beached “whale” to MF Global’s missing billions. In a recent report (PDF), the International Monetary Fund called the capital markets just as “vulnerable” to crash and fraud as they were four years ago.
Why? There’s no simple, satisfactory answer. But in recent weeks, memoirs by crisis insiders such as former Federal Deposit Insurance Corporation Chairman Sheila Bair have shed new light on the financial crisis.
SOURCE: The Daily Beast