#1 I'm starting to suspect the "rogue traders" are serving as convenient scapegoats to explain away losses of the Pig Men. It's too much of a coincidence that this "overvaluation" was discovered a couple of days after Qatar bought a chunk of shares in Credit Suisse. SS,DE -- DE meaning "different excuse."
My opinion is starting to shift to that of a WaPo columnist:
So I hope you'll forgive me, dear readers, when I say that the best thing that could happen to our economy is for a dozen high-profile hedge funds to collapse; for investment banking to enter a long, deep freeze; for a major bank to fail; and for the price of a typical Park Avenue duplex to fall by 30 percent. For only then might we finally stop genuflecting before the altar of unregulated financial markets and insist that Wall Street serve the interest of Main Street, rather than the other way around.
Yes, I know it's harsh and vengeful solution, and there will be lots of collateral damage. But as I look out over the destruction sweeping across the financial sector, I just can't silence the small voice in my head that keeps repeating that old '60s expression, "Burn, baby, burn." |
