The problem is that Wall Street's biggest banks don't want to have to go into bankruptcy if they fail. They want U.S. taxpayers to bail them out like what happened in 2008-2009. They want to keep their jobs, bonuses and reckless gambling.
Germany's respected Handelsblatt, that country's parallel to the Wall Street Journal, recently devoted an entire section and a featured interview to the deliberate and ongoing crushing of American Michael Winston's finances and spirit by one of our country's largest banks.
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.