Coming on the heels of the Jaime Dimon JPMorgan billion dollar losses owing to badly hedging bets, Morgan Stanley’s sloppy dog and pony shows reveal that investment banks need to be hog tied by Congress.
As Steven Rattner put it on a recent Charlie Rose show as he rose to defend Mitt Romney’s Bain Capital, the business of capitalism is to make profits.
Morgan Stanley and the host of vulture investment bankers that feasted on fees of Facebook’s spectacular IPO offering–overpriced as it was–smiled all the way to the bank. Never mind that the stock has fallen 18 percent in three days!
The US government has to act now. Will it? Probably not given how beholden our elected representatives are behold to the crumbs they receive from the finance capitalists and corporate America to stay in office.
The system’s corrupt, as we all know. Where the big broom that will sweep these Augean stables in Washington clean? Don’t look to Romney & co.