This is what you get when you don’t prosecute bankers. Robert Reich:
According to JPMorgan Chase CEO Jamie Dimon, the recovery has stalled because of strict banking regulation.
I’m not making this up.
At a financial conference today, Dimon told Fed chief Ben Bernanke there’s no longer any reason to crack down on Wall Street. “Most of the bad actors are gone,” he said. “[O]ff-balance-sheet businesses are virtually obliterated, … money market funds are far more transparent” and “most very exotic derivatives are gone.”
Dimon said he worried that financial reform legislation is “holding us back at this point” from a stronger economy.
If only someone had held these monsters accountable.