This article originally appeared on the Daily Ticker site of Yahoo! Finance in 2009.
WALL ST. DOING LESS AND LESS, SAYS JOHN CASSIDY
According to journalist and author John Cassidy, Wall Street banks are supposed to act “like a power utility… Except they provide money rather than power.”
But what happens when the power utility, instead of focusing on how best to manage and distribute power, decides to focus on using customer funds to make a quick buck?
The answer, as Cassidy explains in his recent New Yorker article, is a financial system pushed to the brink of collapse.
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