WALL STREET STILL WRECKLESS EVEN AFTER ALL THE HAVOC WREAKED UPON THE NATION: Presently, government regulators are working to implement the 2010 Dodd-Frank Wall Street Reform Act, which critics say lacks any internal mechanism to prevent any future taxpayer bailout of the financial system. Meanwhile, reckless behavior on the part of a few individuals continues to tarnish the world of finance. “The banks are still gambling with FDIC-insured money,” Ted Kaufman, a former US Senator from Delaware, argued in July in Delaware Online. “The JPMorgan Chase London Whale fiasco was just the latest proof that there has been no change in the casino speculation of Wall Street banks.” In April and May 2012, a single trader was believed responsible for accumulating trading losses of $2 billion at JPMorgans London branch, with the actual loss expected to be substantially larger. No one has gone to jail. And no one will. There are many examples of criminal behavior during the meltdown, but not one megabank executive has been jailed. Without that deterrent, white-collar crime is not just profitable but inevitable,” Kaufman predicted.
Posted on: Wed, 26 Mar 2014 19:33:06 +0000
Trending Topics
© 2015