Steve Rattner is entitled to his opinion, but as an investor TBTF banks are losers. The money required to lobby Congress and regulators is a waste as are compliance costs. And for what? The right to loose really big money with a prop trading desk?
Rattner's editorial is a plea to keep the legal staff supporting the banking system's regulatory structure pampered and well compensated. If, as a the title of this blog states, a banker realizes that he puts the very existence of his company at risk then Adam Smith's invisible hand will self regulate the bank without need of a privileged class of expert advisors and a meddling government.
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