Marshall Auerback argues that the purpose of banking is not to
make a small number of people fabulously wealthy — but (wow!) to serve
the public good.
It seems odd that days after we were told by Goldman Sachs’s CEO, Lloyd Blankfein, that bankers are doing “God’s work”, we are still having active debates about how to regulate these selfless apostles of capitalism.
The latest foray into financial reform comes from the Senate.
Senator Christopher Dodd will propose creating a single U.S. regulator
that would strip the Federal Reserve and Federal Deposit Insurance
Corp. of bank- supervision authority, according to a report from Bloomberg.
Dodd, according to the Bloomberg report, has faulted the U.S. bank
regulation system, …