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March 03, 2009
Wall Street's Genius
By: Bernard Chazelle
We all knew Wall Street was good at greed. Turns out it's not too shabby at self-protection. Or so implied Simon Johnson, a former chief economist for the IMF, who talked to Terry Gross on Fresh Air today.
I find it baffling that the banks' boards of directors have not resigned yet. In fact, the Treasury Secretary has all but promised Citi's boss, Vikram Pandit, that he would hold on to his job even if the board goes. The big banks have persuaded everyone around them that they need to operate under current management in order for the country to have an economic recovery. That to me is completely at odds with the historical record from crises elsewhere.
Think of the heroic Pandit as the captain of the Titanic. He'll be the last one to leave the corporate jet.
Posted at March 3, 2009 08:11 PM
— Bernard Chazelle