Not to belabor the point, but the CEO of the bank that today settled fraud charges with the SEC, barely two week's ago was crying the blues about how over regulated his bank is and how this is hobbling the economy. “The system would be safer if we also went back to horse and buggies...” says he.
This is the same bank that fired it's mortgage head just last week for who knows what. Probably something to do with foreclosing on US service personnel on active duty (a violation of law), fucking over borrower's across the land with fraudclosure nonsense (in Eric Holder's version of American justice, it is unclear whether forging real estate title documents is actually illegal) and/or losing incentives from Geithner's Treasury as a result of dragging their feet on HAMP mortgage mods (Think about that. Just how hard does one have to work to actually get Geithner miffed?).
Let us not forget about the myriad of ways they are constantly being accused of gaming and levering the commodities, precious metals and derivatives markets.
You know what, if that is what it takes to squeeze loans out of bloated TBTF stone like JP Madoff (oh I forgot about that unfortunate business relationship of theirs), I vote we go back to buggy whips. I can't think of one instance in history where a buggy whip scandal brought the American economy to its knees. Can you?
Welcome to Club Nolo, JP.
PS: All you readers in California should be thinking about how to give them a nice warm welcome in their planned California branch rollout.