Accountability or experience, corruption or insight, boys club or equal opportunity, "no reason" or many reasons? In the Looking Glass World of Wall Street and Washington, critics and defenders will not agree.
"Too Big to Fail" banks played a key role in causing the last financial crisis. Not a single executive has been prosecuted, despite their rampant lawbreaking, which means that there's been no effective deterrent against reckless and illegal behavior.
Each turn of the cycle brings tighter global connectivity and integration, everything riding on hair trigger algorithmic trading seeking to squeeze out the last drops of advantage. Many believe this interdependency has reduced the risk of catastrophic failure.
Politicians and regulators serve criminal banks for the very same reason that Willie Sutton robbed them: That's where the money is. If these senators don't figure that out pretty soon, they're going to have to go to the people to raise money.
Congress has only two choices. The big banks can be nationalized and treated as public utilities. The public would pocket their profits and cover their losses. Or the big banks can be broken up, and be accountable to both the law and the market.
We have learned nothing. The Dodd-Frank bill enacted to make sure "this never happens again" has accomplished nothing. The Sarbanes-Oxley bill enacted after the last crisis to make sure "this never happens again" accomplished nothing.