Too Big to Fail

Andrew Ross Sorkin points out that nothing has really changed on Wall Street. They still have no new regulations, they still can package crap into securities and sell them as AAA-rated securities. Nothing has been done to stop those greedy bastards from wrecking the financial system again.

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Andrew Ross Sorkin
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I've noted before that Bank of America is paying back the TARP funds so that they can pay huge bonuses once more and get out from under the eye of the regulators from Goldman Sachs the Treasury Department. Now Citigroup is trying to do the same thing.

The banks may not have learned from this debacle, but we must. Let's start by bringing back Glass-Stegall.

I'll post Matt Taibbi's interview on the Colbert Report once it's available:

"When you bet billions of dollars on subprime mortgages and then get the government to bail you out when it all goes wrong and then you buy a beach house with taxpayer money, that's the opposite of the free market."