Big Banks Needed This Comeuppance

And that is what we need. In the end, it is the mechanism that failed us, not the banks. They merely took advantage of the advantages that were given them, maximizing their profits for their shareholders and themselves.

To expect them to understand the excesses and impropriety of that system and control their appetites by themselves is impossible and ridiculous. The mechanism needs to be changed, back to the one where bankers did banking and traders stuck to trading.

I've been waiting for the day when those two worlds are once again separated. I think the system will work better and more fairly for everyone once that happens. And I think President Obama took a good first step in making that happen today.

Traders, rejoice. You may just get your careers back.

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