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Posted by on Jun 10, 2009 in Economy | 1 comment

Sobering Up the Banks

Like unreformed drunks, American banks want to settle their rehab bills and go back to the old ways–no government curfews or sobriety pledges for the likes of JP Morgan Chase, Goldman Sachs et al as they rush to repay TARP billions and forget they were ever one step from being trampled by pink elephants.

“These repayments,” says Treasury Secretary Tim Geithner in the cautious tones of an alcoholism counselor, “are an encouraging sign of financial repair, but we still have work to do.”

The “work” should involve an attitude adjustment on the part of the risk-addicted money manipulators as well as repair of the financial markets. After being on their knees only months earlier, bankers are now anxious to get back to the princely personal highs they derived from practically wrecking the system with greed and irresponsibility.

Even the Wall Street Journal wants to prevent future binges by members of the too-big-to-fail club.

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