Today’s commencement of the Financial Crisis Inquiry Commission’s (FCIC) hearings will open up the proverbial ‘can of worms’.
Americans should not underestimate the international damage done to their reputations as a result of the fraudulently conceived ‘financial products’ that Wall Street inflicted on the world.
This is made worse by the fact that despite the revelations of their marketing campaigns for these ’shonky products’, nothing much has changed in the U.S., other than that the taxpayers are all poorer.
The banks are still lining up for their bonuses and the problems have simply been passed to future generations.
This may be the ideal ‘political solution’ (as it pushes the problem out of this electoral cycle), but the U.S. leadership vacuum is a problem that shouldn’t be shared by the rest of the world.
Unfortunately, the vast majority of U.S. citizens may have to wear this ‘tarnish’ resulting from the dubious actions of the Wizards of Wall Street.