Has the Government Finally "Grown a Pair"?
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Last night, Stephen Colbert examined the Justice Department’s lawsuit against ratings agency Standard and Poor's, which the government has launch a whole five years after Wall Street’s risky gambling hurled the US into its worst financial crisis since the Great Depression.
Colbert put the collapse in more colorful terms, saying bankers “wired the global financial system to a roulette wheel jacked up on enough cocaine to bring down a bison.”
The mantra of “too big to jail” has so far kept senior-level Wall Street executives from being held accountable for their actions. But now—as the federal government sues S&P for issuing high ratings on toxic investments—that could change.
“I have some bad news for my ‘bro’-kers,” Colbert said, “The government has finally grown a pair.”
Colbert also took on the troubling lack of transparency in Wall Street. He pointed to a recent annual report from Wells Fargo that said the bank’s value is based on “significant assumptions not observable in the market”
“The value of the largest capital bank in the United States defies observation,” Colbert quipped, “The human brain cannot perceive it. We dare not look upon it!”