The little-known reason why investment banks got too big, too greedy, too risky, and too powerful.


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The surviving investment banks are bristling at efforts aimed at recouping taxpayer losses and forestalling a repeat of the panic of 2008: congression­al proposals to tax bonuses, President Obama’s planned tax on large banks’ liabilities, and his suggestion that banks be prohibited from using taxpayer-insured funds for proprietary trading. [...]

 

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