When Do We Rein in the Cowboys?
May 14, 2012
Thomas J. Mackell Jr.
JP Morgan’s $2 billion loss in synthetic derivative swaps brings us right back to the debacle in the markets in 2008! That wasn’t that long ago in case you hadn’t noticed.
What does it take to realize that the gamblers are in unsustained free fall and have no sense of reality?
How many times do we have to witness the uncontrolled stupidity in our financial institutions and their leaders?
Apparently, greed is still the name of the game. Isn’t it time for real serious regulation?
These periodic losses do nothing to help our seriously wounded economic recovery and only point out that the fox is still in the chicken coop.
It is time to get rid of the fox and all it’s trappings. How do we move this agenda?
Thomas J. Mackell, Jr. Ed.D., Senior Partner, Black Thorn Lynch Associates, Inc., former Chairman of the Federal Reserve Bank of Richmond and author of: “When the Good Pensions Go Away: Why America Needs a New Deal for Pension and Health Care Reform.”