While the points made by these gentlemen are both valid and critically important, they fail to take note of four other dangerous subsidies: (1) the market perception that the Washington and Wall Street revolving door has rendered these firms immune from prosecution — even for repeated, illegal cartel behavior; (2) the ability to spend billions buying back their
own stock, effectively propping up their
own share price and bad behavior; (3) self - regulation with compromised bodies creating the market perception and reality of a competitive edge; and (4) Congress and the Supreme Court tolerating Wall Street running its
own private justice
system (mandatory
arbitration) where corrupt acts are kept hidden from public view until they blow up into catastrophic events to the economy.
Gov. Andrew Cuomo set a May 29 deadline for the city and the union to negotiate a new evaluation
system before a binding
arbitration process determines any elements that the two sides have been unable to hammer out on their
own.