In a moment of surprising lucidity, Rich Handler, the CEO of Jefferies one of the few remaining pure-play investment banks that was not converted into a bank holding company as part of the Paulson-Geithner bailout of the financial industry in 2008, has called about the kind of "cancerous" behavior that in his opinion will lead to the next financial crisis.
As Bloomberg summarized, "Bankers and investors need to ensure they don't repeat "bad behaviors" that contributed to the credit crisis as the financial-services industry embraces greater risk, said Richard Handler, chief executive officer of Jefferies Group LLC."
"People who take short cuts, are political, prioritize themselves above others, take excessive risks for personal gain, don't value capital, or are unethical are outright cancers.... These types of people will not only flourish in the next crisis, but most probably they will cause it."
And the punchline, one which the permabullish Fed cheerleader from the same firm, David Zervos, will surely blast in his next comic missive: