A Little Sunlight, Please Ctd.

Johnson is a little more direct on his blog:

...in every crisis I’ve ever seen, the (banking/corporate/government) insiders responsible for major problems always want to stay on - arguing that they have unique skills and can sort things out better than anyone else.  Countless times around the world I’ve heard some version of, “it’s very complex, no one else can figure it out, and you’ll lose a lot more money unless you keep us on.”

Yet, whenever possible, it’s better to clean house and bring in new talent at all levels to wind down bad business and more generally clean up/recapitalize/reprivatize the financial sector.