“Wall Street Crime” : Not a Level Playing Field

According to an article by George Packer, “A Dirty Business”,  about “Wall Street Crime”, in the New Yorker, June 27, 2011, pp, 42-55, “The market has become more of an exclusive gambling club for the very rich than a level playing field open to the ordinary investor.”  (p,55)

A level playing field is important for fair competition, in sports as well as business.

From the article:  “ As for the larger financial system in Washington, D.C., implementation of the Dodd-Frank regulatory reform law has been slowed, if not yet sabotaged, by lobbying on the part of the big banks and a general ebbing of will among politicians.”

From Neil Barofsky, the former inspector general of TARP (Troubled Asset Relief Program): “It is a remarkable failure of our system that we’ve not addressed the fundamental problems that brought us into the financial crisis.  And it is cynical or naïve to imagine it won’t happen again.”



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