If there's been one positive result of the largest U.S. bank grappling with $6.2 billion in trading losses, perhaps it's everyone else learning how little we truly know about these massive institutions.
Matt Taibbi recently told Sam Seder's Majority Report that a Senate committee's recent grilling of former JPMorgan Chase executives over the London Whale scandal was a pivotal moment for those hoping to hold banks more accountable.
Some suggest that the report, which found that JPMorgan executives consistently disregarded or covered up red flags, shows that big banks have become too big to manage.
"They showed everybody that there are zero internal controls at these companies and that we have absolutely no idea what's going on, and that just exposed everybody to the danger that we're in," Taibbi said.
There appears to be growing support for ending the government backstop for big banks. Roughly half of Americans support breaking up the big banks, according to a recent Rasmussen poll. And just last Friday, the Senate voted unanimously to end the subsidies for too-big-to-fail banks in a symbolic vote.
"Everybody's worried," Taibbi said. "It just has to do with a general fear these guys learned nothing after 2008, they're continuing to support themselves with massive amounts of free government money."
Bloomberg View recently alleged that big banks get a subsidy of $83 billion per year, since investors and clients assume that the government will bail out the big banks if they get into trouble. For their part, five financial industry trade groups disputed the calculation.
Earlier on HuffPost:
The Vampire Squid
Taibbi gave Goldman Sachs its perhaps longest-lasting nickname when he called the bank <a href="http://www.rollingstone.com/politics/news/the-great-american-bubble-machine-20100405">a "vampire squid" in 2010</a>.
Taibbi criticized the lack of prosecution over the <a href="http://www.huffingtonpost.com/2011/05/23/matt-taibbi-wall-street-arrests-commit-crimes_n_865631.html">financial crisis for Wall Street executives in this May 2011 interview</a> with RT America.
In a <a href="http://www.rollingstone.com/politics/blogs/taibblog/attorneys-general-settlement-the-next-big-bank-bailout-20111005">October 2011 <em>Rolling Stone</em> article</a>, Matt Taibbi criticized what would eventually become the <a href="http://www.huffingtonpost.com/2012/02/09/foreclosure-settlement-mortgage-national_n_1264445.html">$26 billion foreclosure settlement deal</a> between Attorneys General and the nation's five biggest mortgage lenders.
In Taibbi's piece about <a href="http://www.rollingstone.com/politics/news/greed-and-debt-the-true-story-of-mitt-romney-and-bain-capital-20120829" target="_hplink">Romney's time at Bain</a>, he accused Romney of being a "debt creator"
Matt Taibbi took Romney and Ryan down in his <a href="http://www.rollingstone.com/politics/blogs/taibblog/the-vice-presidential-debate-joe-biden-was-right-to-laugh-20121012" target="_hplink">critique of the 2012 vice presidential debates</a>.
Taibbi criticized <a href="http://www.rollingstone.com/politics/blogs/taibblog/ag-eric-holder-has-no-balls-20120815" target="_hplink">Eric Holder's decision</a> not to pursue charges against Goldman Sachs last August.
'Lara Logan Sucks'
In a piece entitled "Lara Logan, You Suck," Taibbi criticized the South African journalist.