Methods of Ruler-ship:
"No one has succeeded in the
modern American political game like the biggest banks on Wall Street,
which lobbied for deregulation during the three decades prior to the
crisis of 2008, and then pushed back effectively against almost all
dimensions of financial reform."
"Their
success has paid off handsomely. The top executives at 14 leading
financial firms received cash compensation (as salary, bonus, and/or
stock options exercised) totaling roughly $2.5 billion in 2000-2008 –
with five individuals alone receiving $2 billion."
"But
these masters of the universe did not earn that money without massive
government assistance. By being perceived as “too big to fail,” their
banks benefit from a government backstop or downside guarantee. They can
take on more risk – running a more highly leveraged business with less
shareholder capital. They get bigger returns when things go well and
receive state support when fortune turns against them: heads they win,
tails we lose."
