No Lessons Learned on Wall Street


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Published in The New York Times November 24, 2009 by Albert R. Hunt 

Let’s stipulate: Lloyd Blankfein and Jamie Dimon are enlightened, broad-gauge chief executive officers, among the finest in the world.
Their firms, Goldman Sachs and JPMorgan Chase, are indispensable in raising capital for companies, creating wealth. They’ve paid the government assistance money received in the financial crisis and are showing record profits today. Finally, I am no expert on the ways of Wall Street.
Still, if Goldman and JPMorgan hand out record bonuses next month — reportedly they’re planning more than $20 billion combined — in this economic and political climate, it will underscore why, whatever their Wall Street colleagues think of them, they are hated by Main Street.
The leading edge of this anger could be seen in Congress last week when Treasury Secretary Timothy F. Geithner faced calls to resign. One lawmaker said he should never have been hired.

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