In a PBS interview last night, the Big O voiced his concern over the newest epidemic at Wall St. firms- making too much money. Our Commander in Chief is concerned that Wall St. "feels no remorse" for last year's little fiasco and hasn't changed its culture or behavior which is leading to large profits on risk taking. Ask a former Lehman employee if last September's bankruptcy had any impact on the firm's culture or behavior and you might get a different answer, But the real villains are GS and JPM. The truck loads of money the firms made in Q2 while getting the TARP hooks out of them has the President ready to push the panic button.
There are some companies like Goldman Sachs that paid the money back and that means that we don't have the same kind of levers on them that we might have. And that's why I think it's important to pass this broader financial regulatory reform package.
With surtax proposals on high income earners floating around DC, it seems like Wall St. isn't the only place where there hasn't been much of a change.
After a 13 minute warm up on health care, the main event starts.