The Epicurean Dealmaker is one of my favorite blogs – witty, learned, topical, writing anonymously and eruditely on topics financial and others. That someone can profess to be an epicurean and at the same time an investment banker may seem like a contradiction in terms, but from his/her writings, the worthy blogger seems to pull it off. May he never be found out – or worse, may he not be found to be an out-of-work high school dropout with a Unix box, a Greek library and CTS.

Anyway, his latest missive on the continuing counterparty risk caused by investment banking consolidation and market monopolization is definitely worth your time and not inconsiderable effort. The causes of the last financial crisis are a alive and well, thank you very much. Lest you think the worthy Epicurean is an insider with an ax to grind, let me offer his elegant, is snarky, caveat emptor defense of the industry as well.

Investment banking and the whole “structured products” industry is so complicated that anyone can get lost – and most politicians and economists seem to avoid discussing it, much like most executives avoid discussing technological and network externalities. It simply is too hard, too complicated, and lacking in easy, sellable solutions. Better to not talk about it, at least not in detail.

By the way, he blames the lawyers for much of the complication of financial regulation. Hard to disagree.