J.P. Morgan Flags $2 Billion Trading Loss(online.wsj.com)
online.wsj.com
J.P. Morgan Flags $2 Billion Trading Loss
http://online.wsj.com/article/SB10001424052702304070304577396511420792008.html
2 comments
Reminds me of a quote from Lawrence Lessig in this talk at Occupy DC:
http://www.youtube.com/watch?v=XZPB6DqCO6M#t=08m29s
"It is the first time in American history where we have seen a collapse followed by no fundamental reregulation of the financial services sector because they have the power to block change from either the Democrats and Republicans, because they can say to the Democrats and to the Republicans, 'If you don't back us we guarantee you will lose in the next election.'"
I don't know history or politics well enough to judge the truth of the statement, but if he's right, that's pretty scary.
http://www.youtube.com/watch?v=XZPB6DqCO6M#t=08m29s
"It is the first time in American history where we have seen a collapse followed by no fundamental reregulation of the financial services sector because they have the power to block change from either the Democrats and Republicans, because they can say to the Democrats and to the Republicans, 'If you don't back us we guarantee you will lose in the next election.'"
I don't know history or politics well enough to judge the truth of the statement, but if he's right, that's pretty scary.
After everything that's happened, they're still allowed to play the CDS lottery? I'm really disappointed regulators haven't put a stop to this.
For a great insight into the role of CDS'es in the recent economic events, I highly recommend this documentary:
http://www.pbs.org/wgbh/pages/frontline/money-power-wall-str...