The resurgence of JPMorgan and Goldman Sachs gives both banks more financial clout than any other players on the Street -- allowing both firms to lure talent from everywhere else on the Street with multi-million pay packages, giving both firms enough economic power to charge clients whopping fees, and bestowing on both firms even more political heft in Washington.For an entertaining view on Goldman's mammoth profits, I highly recommend Matt Taibbi's follow-up to his blockbuster Rolling Stone piece: The real price of Goldman's giganto-profits. The original Rolling Stone article can be found here.
Where are the anti-trusters when we need them? Alternatively, why isn't the government charging Goldman and JPMorgan a large insurance fee for classifying both firms as "too big to fail" and therefore automatically bailed out if the risks they take turn sour? Instead, we've ended up with two giants that now have most of the casino to themselves, are playing with poker chips backed by taxpayers, and have a big say in what the rules of the game are to be.
Or for real pyrotechnics, this appearance by Max Keiser on a France24 financial show. He takes it to a whole new level.
