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Capitalism Without Failure

21st Century Economics: 1. Rampant fraud and reckless mismanagement in the financial sector, 2. Public bailouts of the worst actors in the financial sector, 3. Private debt and liability imposed on taxpayers, 4. Monetary policy aimed at recapitalizing insolvent and recidivist banks, 5. Promotion of business leaders and policy-makers who are chronically compromised, 6. Conglomeration of Systemically Dangerous Institutions into a more empowered menace.

Wednesday, July 4, 2012

Matt Taibbi, Eliott Spitzer, and Dennis Kelleher Discuss the LIE-MORE Scandal

Why are people more interested in Tom Cruise's divorce than in the biggest market-rigging scandal in history?

Taibbi: LIBOR is like the sun at the center of the universe.

Kelleher: The financial sector's business model has become making money any way in which they will not get caught. The entire business model is corrupt to its core.