Banks Really Need To Give Credit Where Credit Is Due
White House tennis champion Larry Summers wants banks to remember that they have the "aura of government support" to thank for their success. While his boss was campaigning against GS deriving profits from taking risk, LS set the behavior litmus test by which the likes of Lloyd and Jamie Dimon will be measured against.
Prudent financial institutions will recognize that the profits they're enjoying are in part a reflection of the commitment government and the broader society have made to the financial system that has enabled them to enjoy those profits
With GS and JPM having finally won the right to remove the government's "aura of support" and operate shackle-free, one can only hope that the level of commitment to most of the government sponsored financial reform lasts as long as the tennis pro's attention span.