Very few banks came out of the financial crisis looking good. But JPMorgan and Barclays were in that elite club. Their apparent rectitude raised the possibility — as JPMorgan CEO Jamie Dimon said over and over again — that what we’d had were a few bad banks, not a hopelessly corrupted financial system. Fast forward a couple of years, and JPMorgan and Barclays are not looking so good anymore. And the particular way in which they’re not looking so good points to the fact that we did, indeed, have a hopelessly corrupted financial system.
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