Failing Upwards: The Wall Street White House
We are seeing belated glimmers of understanding of the credit crisis from the White House. Still nothing on the Ratings Agencies, and Glass Steagall, and too little on Derivatives and leverage, but at least there seems to be some recognition on TBTF (see The End of Too Big to Fail ? ). However, where there is real despair has been in the cult of the sacred cow appointments. The latest ugly data points: The number of Wall Street (versus business or academic) appointments. To wit: “ How Goldman Sachs and Citi Run the Show “ via Andrew Cockburn. Cockburn details the following recent Wall Street transplants who are running things in the Adminstiration: • Robert Hormats, Vice Chairman of Goldman Sachs, is to be installed as Under Secretary of Economics, Business, and Agricultural Affairs
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Failing Upwards: The Wall Street White House