09/12/2009 05:12 am ET Updated May 25, 2011

Nothing Has Changed On Wall Street: The Casino Ethos Is Alive And Well

Wall Street is dead. Long live Wall Street.

In the next few weeks the media will begin recounting the great implosion of a year ago. We will watch, read and hear again how an economic "death panel" led by Treasury Secretary Henry Paulson denied aid to impure firms such as Lehman Brothers Holdings Inc. and Bear Stearns Cos. while companies such as American International Group Inc. and Citigroup Inc. were kept alive through extraordinary means.

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