While the bank apologized this afternoon for this rant by its Chief Economist. The hubris of such insulting language at a critical time in the regulation debate is proof that Too Big to Fail is Too Big to Manage. Glassman appears to office in New York, so it is not too far a leap to assume that he is well connected in the firm and that his attitude reflects the attitude of others in the Exec ranks. Also in the report is rosy language on the economy at a time when many are questioning the quality of the growth seen heretofore and certainly the strength of the recovery into the second half of 2010. Goldman has been a convenient distraction for the other bigs, but many more of these stumbling comments and the millions spent on lobbyists may be written off as money down a rat hole.
May 5, 2010
JP Morgan Unmasked