The president says he understands the frustration behind the Occupy Wall Street movement. That's nice. But the anger will keep growing as long as the government keeps handing out free passes instead of perp walks to criminal bankers.
So far, one group has been fairly quiet, if the point is to address the undue political clout and financial power -- to say nothing of economic risk -- now manifest in our leading banks. It is the voice of the American banker.
We've just learned about the Federal Reserve's extraordinary secret bailout of the country's big banks. How much outrage is required before people demand rigorous bank reform, strong regulation, and criminal investigations?
Rupert Murdoch's got problems. But there's an easy way for him to save his company: Turn the News Corporation into a Wall Street bank. There won't be any prosecutions, and the government will even sweeten the deal with billions of dollars in easy money.
We can already suspect that Dimon's legacy will be written with the words "Jamie didn't know." Given the level of corporate malfeasance in his organization during his tenure as CEO, it seems that he's been a remarkably unobservant executive.