The authors, Pulitzer Prize winner Jesse Eisinger of Pro Publica (and Portfolio, WSJ, and TSCM) and Frank Partnoy of University of San Diego School of Law, author of F.I.A.S.C.O., Infectious Greed, The Match King, and – most recently – WAIT: The Art and Science of Delay. They discuss an issue that Barry Ritholtz of TBP.com has talked about repeatedly: that banks are essentially opaque black boxes; banks have purposefully concealed what’s on their balance sheets; that they are not merely complex, but actually deceptive; investors have no idea what they are buying when they own one of the behemoth money centers like Citigroup (C), Bank of America (BAC), Wells Fargo (WFC) or JP Morgan (JPM).
Think the real problem with America is gun-toting fanatics. Think again.
Welcome to America!
