- JPMorgan's "London Whale" losses, which double or triple every time Jamie Dimon turns around.
- The Libor scandal, in which banks across the world conspired to manipulate interest rates.
- MF Global, which somehow misplaced a billion dollars in customer funds.
- Bit-player Peregrine, who similarly mislaid a paltry $215 million of their customers' money.
Most of these losses are due to lax regulation: i.e., these guys can't be trusted any further than Robert Reich could throw them.
Yet Mitt Romney is campaigning hard for even less regulation of Wall Street. Not surprisingly, these guys are opening the sluice gates to funnel hundreds of millions of dollars into Super PACs and anonymous non-profits to get Romney elected. It really makes you wonder how they got all that money they're spending so freely on Romney.
These so-called financial wizards are no masters of the universe. They can't even master simple arithmetic.
2 comments:
And yet the New York Federal Reserve was aware of the LIBOR mess back in 2007, back when ol' "Turbo Tax" Tim Geithner was in charge, and did ... nothing. No warnings, nothing. His punishment? To be made Treasury Secretary. There's a host of others like that. Boy, I feel safer with those on the job, don't you?
Romney isn't president - your boy is. If there is lax regulation it's because Obama wants it that way. I thought you guys passed Dodd-Frank?
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