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.
While mainstream America continues to struggle with the recessionary consequences of a meltdown caused by financial excess, large financial institutions are back to profitability and back to their old ways.
There was a pretty amazing moment Tuesday when a JPMorgan shareholder said to CEO Jamie Dimon: "As a person of faith, my God believes you shouldn't take advantage of people when they are down. Do you believe in the same God I believe in?"
Roger Lowenstein's piece "Wall Street: Not Guilty" is well worth reading, if only as a case study in the moral and logical blindness that's reached epidemic proportions among otherwise reasonable people in influential Washington and Wall Street circles.
Too Big to Fail banks will continue to endanger the economy because they know they'll be rescued again. The Rajaratnam conviction doesn't change the underlying reality: Too Big to Fail is still Too Big to Jail.