In a new article for Slate.com, former New York Governor Eliot Spitzer (my college graduation speaker!) advocates for regulation by claiming that the culture on Wall Street is much like the culture that allowed Penn State to harbor a serial child molester for over a decade.
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.
Ooh, is this the game where we compare everything to Penn State, even if it has no relation whatsoever? I'll go first. The Fast & Furious government scandal is like Penn State because it involves a lack of oversight at the top. Superhero movies are like Penn State because they've been horrible for 15 years and no one has stopped them. And the Connecticut Car Tax is like Penn State, because every year when I get the bill, I feel like I've been molested. I’m good at this game!