Former New York State Attorney General and ex-CNN anchor Eliot Spitzer, who is now the host of “Viewpoint” on Current TV, compared Wall Street to Penn State amid the LIBOR probes and the JPMorgan multi-billion dollar trading loss among other scandals. Spitzer writes for Slate.com:
Wall Street has the same mentality as the Penn State leadership: Brush things aside, ignore first principles, avoid the tough ethical choices, go for the short-term money and profit. That has been corrosive to the ethic of our economy and the trust that should undergird our financial sector.
We need a fresh start—new leaders, since the current crop has failed. Just as we every now and again vote out the entire political leadership, now is a good time to say to the folks on Wall Street: Bring in a new team.