What the banking system really needs is a guy who will step in and force bankers to go back to being boring, risk-averse drips who lend businesses money to buy new equipment or fleets of trucks or whatever. What we have instead are coked-up wannabe big shots straight out of Boiler Room who are washing Mexican drug money and laundering Middle Eastern cash and playing around with wild price-fixing schemes – pretty much everything you can think of that isn’t quietly counting beans and helping grow the economy.
Yeah, he did, in a a way. In the early ’90s I took a leap and started my own business with a small loan from a local bank secured by nothing more than my business plan. A banker, who I later discovered was retiring, took a chance on me. I repaid the loan in full and never looked back. The bank made a few pennies off of me and I like to think the banker went out on a small high, but there was nothing sexy or exciting about the transaction.
I don’t know who Taibbi might nominate, but I have a feeling that anyone who would do well in the job doesn’t want the aggravation.