lost something over $2 billion in proprietary trading during the last quarter (see: CNBC Story). There is considerable worry that, if this white-shoe company can screw up so badly, what does it mean for the rest of the not-so-noble financial industry? Stay tuned ...
But then it is a damn good thing that the Dodd-Frank financial reform bill passed last year (with Elizabeth Warren's blessing) to keep such possible shocks to our banking system from happening again. I guess we deserve what we are now getting if we are foolish enough to allow those, who were a primary cause of our last financial debacle, to craft laws to remedy things.
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