Robbing the Bank From the Inside |
| Published: January 25, 2008, 7:41 am |
| Tags: stock market, u s economy, economics, banking, wall street, recession, criminal capitalism, sub prime, stagflation, economy |
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Bad news just gets worse...not only do we have the collapse of the paper credit market.... can you say junk bond scandal of the eighties.. now we have a flashback to bank scandals of the nineties...wait a minute shouldn't the market have regulated itself so this didn't happen, again...once again the myth of self regulation is exposed for the sham it is...global markets are not self regulating never have been that is why Capitalism created the State in its own image.French bank hit by worst scandal everSocGen trader's $7.1B loss dwarfs Barings debaclePARIS - A junior computer whiz at the French bank Societe Generale has been accused of racking up a $7-billion loss in bad bets on stocks in the biggest trading scandal in banking history.France's central bank and government scrambled to shore up confidence in the banking system after the 144-year-old SocGen told investors already battered by the credit crisis that it had discovered the "exceptional" fraud late last week.The trader had [ Full article ] |
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