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The financial industry collapses and needs to be rescued every ~10 years (S&L crisis in the 80s, Long Term Capital Management in the 90s, Great Recession in the
by forapurpose 8y ago
The financial industry collapses and needs to be rescued every ~10 years (S&L crisis in the 80s, Long Term Capital Management in the 90s, Great Recession in the 00's). Last time they crippled the world economy. Massive fraud is commonplace, based only on the fines they pay. I don't see them as a model of success!
- tcbawo 8y agoThe financial industry is enormous and diverse. What I was referring to specifically was the US equity markets and FINRA. They have been very stable and reliable through the years. Commercial and mortgage lending is a whole other ball of wax.