7:00 pm July 14, 2012, by Jay
How can all these things be true at the same time in the same universe?
– The biggest banks in the world are revealed to have manipulated the critically important LIBOR rate for years for their own financial benefit.
– JP Morgan Chase is belatedly discovered to have lost $5.8 billion — up from the original $2 billion estimate — in risky derivatives trading that it supposedly did not dabble in. The trades were allegedly hidden both from regulators and from top executives.
– Jon Corzine and MF Global announce that they have lost $40 billion — including $1.6 billion of clients’ money that by law should never have been put at risk. The money may never be recovered.
– Russell Wasendorf, founder of PFGBest, is arrested for fraud for having lost more than $200 million in clients’ money that again by law should never have been put at risk. Again, the money may never be recovered.
– The financial system is overregulated.
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