Wednesday, January 11, 2012

An Additional Unfortunate Legacy of the 2008 Financial Crisis

Here's an excellent short Bloomberg piece by William Cohan:  How Wall Street Turned a Crisis Into a Cartel.

Mr. Cohan, a former banker at a Brand Name investment bank, touches on a nugget of Wall Street history to make his points well - particularly about how the Brand Names price their services.  If you'd like to take Wall Street history several steps farther please check out the book Every Man A Speculator (HarperCollins, 2005) by Steve Fraser.  Fraser's book, remarkably thorough and well-researched, provides a perspective about Wall Street that mostly is absent from current public policy discussions about the vices and virtues of bulge bracket American finance.

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