THE INDEPENDENT: The IMF adviser also blamed 'a docile president, a docile White House and a docile regulatory system'
In a cutting attack on America's financial hub, one of the world's most respected economists has said Wall St is full of "crooks" and hasn't reformed its "pathological" culture since the financial crash.
Professor Jeffrey Sachs told a high-powered audience at the Philadelphia Federal Reserve earlier this month that the lack of reform was down to “a docile president, a docile White House and a docile regulatory system that absolutely can’t find its voice.”
Sachs, from Colombia University, has twice been named one of Time magazine’s 100 Most Influential People in the World, and is an adviser to the World Bank and IMF.
“What has been revealed, in my view, is prima facie criminal behavior,” he said.
“It’s financial fraud on a very large extent. There’s also a tremendous amount of insider trading - you can even watch when you are living in New York how that works.” » | James Legge | Monday, April 29, 2013
