Top Wall Street executives last week admitted to a litany of mistakes that led to the worst recession since the 1930s and a $700 billion taxpayer bailout to keep their banks and investment firms afloat.
The public display of the error of their ways occurred in testimony before the Financial Crisis Inquiry Committee formed by Congress to get to the bottom of the Wall Street meltdown.
Accepting blame for the collapse of the housing market does little to heal the wounds on Main Street caused by the leaders of Wall Street.
And they did nothing but further damage their collective reputation when they told the commission that they welcomed stronger regulation of their industry.
If that’s the case, why are they spending millions of dollars on lobbyists in an attempt to thwart or water down legislation designed to protect consumers from future financial abuses?