Dodd-what? It’s never been better to be too big to fail, or to run a bank that’s too big to fail. And so the people that do plan to keep on doing so. Maybe forever.
These days, the “too big to fail” banks have less competition than ever, they get their raw material — cash from depositors — nearly free and they have never had more ways to make vast amounts of money.
In other words, despite the endless complaining about how difficult Washington has made things for bankers, we have entered a new Golden Age of Wall Street, where competition is minimal, profits will continue to be high (as long as the economy continues its rebound) and regulation, while present as never before, can be “managed” as just another cost of doing business.
No wonder the chief executives of JPMorgan Chase, Goldman Sachs, Morgan Stanley and Bank of America are in no hurry to give up their posts, much to the frustration of their direct reports.