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In 2011, financial journalist Jesse Eisinger won a Pulitzer Prize for National Reporting with Jake Bernstein for a series of stories on questionable Wall Street practices that contributed to the financial crisis.
Since the crisis and series of stories, he said Wall Street practices have not improved.
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Eisinger is a senior reporter at ProPublica, and he recently joined Benzinga’s #PreMarket Prep to talk about why he thinks Wall Street is still the same.
“I think that Wall Street has responded to increased regulation and criticism by becoming more entitled, more petulant, more against the world and resentful,” he said.
Eisinger said people on Wall Street still takes advantage of customers and bends the rules to their advantage. He gave the example of after multiple banks were exposed for manipulating the London Interbank Offered Rate index, there were still traders manipulating foreign currencies.
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“So, post the financial crisis and post the exposure of the LIBOR manipulations, they were manipulating foreign currencies,” he said.
We still don't know how much off-balance sheet real estate leverage banks & shadow banks have. @MoneyBanking1: http://t.co/HpMzUMTLvj
— Jesse Eisinger (@eisingerj) November 19, 2014He doesn’t think anyone on Wall Street has learned a lesson after the financial crisis.
“I think that these guys are the same people they always were, and that calls for increased prosecutions and smarter regulation,” he said.
Check out his full interview here:
Don’t forget to tune in to Benzinga’s #PreMarket Prep broadcast Monday-Friday 8-9:45 a.m. ET for a live, interactive morning show with veteran traders and featured finance industry experts ready to answer your questions for the trading day.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.