Too Big To Jail? Wallace Turbeville on Viewpoint with Eliot Spitzer
Wallace Turbeville, former vice president of Goldman Sachs and senior fellow at Demos, discusses the case brought by New York Attorney General Eric Schneiderman against JPMorgan Chase for fraud at Bear Stearns, which JPMorgan purchased in 2008. The case “marks the most direct action to date against the type of behavior that caused the cataclysm of 2008″ according to “Viewpoint” host Spitzer.
As Spitzer points out, no individuals are named in the case, which leads him to ask Turbeville whether it could have any real impact on Wall Street’s culture of risk-taking and greed. “What happens is, you have all the incentive in the world to take all the risk in the world,” Turbeville says. That won’t change “unless they start actually caring because they’re going to go to jail or because they’re going to lose their money,” he concludes.
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