Banks and Meta-Meta-Derivative Horse-Racing! 5-20-12

I am posting an article with which I agree below . These unreal markets in meta-mata-derivatives, with their power to hurt real markets/banks, constitute sheer gambling. It’s not more regulation that’s needed, just recommend that banks who want to bet on air to become horse-racing bookies/betters, rather than bankers. Betting on horses is likely safer, without the feedbacks of this fiasco. And why has “I don’t know where the depositor’s money is” Corzineof IMP chicanery gotten off scott-free?   Pearlstein is one of the few openly questioning the existence of the credit default swamp. (I do not claim expertise on credit default swaps, but my initial suspicion about these “products” is pre-crash, and would be interested to hear any counter-arguments.)

You can read the article at: JPMorgan’s soap opera makes clear that Wall Street is detached from reality