It was exactly one year ago today that Lehman Brothers executives agreed to file for Chapter 11, and Merrill Lynch executives agreed to sell themselves to Bank of America for $50 billion plus change, and the rest of us agreed to learn what the hell "collateralized debt obligations" are.
Since then, of course, we have largely forgotten about the collapse of the U.S. financial system, on account of the collapse of the debate about the U.S. health care system, but today is the day we start remembering. So says President Obama, who headed to Wall Street this afternoon to give the fat cats a piece of his mind…
"We will not go back to the days of reckless behavior and unchecked excess at the heart of this crisis, where too many were motivated only by the appetite for quick kills and bloated bonuses," Mr. Obama said.
That's very- what's the phrase I'm looking for? Oh yes.
Tags: Bank of America, Banks, Barack Obama, Economy, Merrill Lynch, Wall Street