Nomi Prins on Wall Street: “There Is No Counterbalance to Their Power.”

Under the title: “We are in great danger: Ex-banker details how mega-banks destroyed America,” Salon interviewed Nomi Prins, former Goldman Sachs managing director and author of “All the Presidents’ Bankers: The Hidden Alliances That Drive American Power”. She told that, today, “Bankers operate oblivious to the needs of national economies. There is no counterbalance to their power.”

(see Jeff Steinberg interview with Prins in EIR.)

After reviewing relations between presidents and bankers in the 20th Century, she says: “In George Bush’s administration, there was tremendous pressure to dismantle aspects of Glass-Steagall, and that culminated in the full repeal of the Glass-Steagall Act under Clinton. And the aftermath of that was — absent barriers to global activity, speculation mingled with the increase in derivatives activity, and the complexity of financial security and deals — we found ourselves in the crisis of 2008.”

On Obama: “His favorite banker was said to be — by the New York Times — Jamie Dimon. The number of visits, which I document in the book, between the White House and the key leaders of the big six Wall Street banks, increased five- to ten-fold under Obama versus under George W. Bush…. When the Dodd-Frank Act was signed in July 2010, he talked about it being the greatest reform since the Glass-Steagall Act of FDR’s time. But it was nothing remotely like that.”

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