Monday, January 9, 2012
How Wall Street Turned a Crisis Into a Cartel
William Cohan, BloombergAlmost 65 years ago, in 1947, the U.S. government sued 17 leading Wall Street investment banks, charging them with effectively colluding in violation of antitrust laws.In its complaint -- which was front-page news at the time - -- the Justice Department alleged that these firms had created “an integrated, overall conspiracy and combination” starting in 1915 “and in continuous operation thereafter, by which” they developed a system “to eliminate competition and monopolize ‘the cream of the business’ of investment...
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