You've all been following this saga, right?
No? J P fucking Morgan, again, innit. Some jottings I made...
This, not from the article above, but from elsewhere. The real action is in the financial pages at the back of the qualities. The stuff that I used to find boring when I was younger is now a cavalcade of grotesque fascination to me. The stories behind the stories manifest themselves here first - like the Ghost of Financial Fiascos Future; Spectres of Scandals Not Yet Made Flesh - and on arcane finance-sites and commentary clip-channels. Anyway...
One of the world's biggest banks / financial institutions put the wrong sign against a $200+ million dollar amount.
And when it was finally 'spotted', no action was taken.
It's either ineptitude of the highest kind or, er, collusion in... something. But, hey, I'm not an accountant - or a member of a financial regulations committee - so, not for me to judge, eh?
The end-point of all this is that no one was criminally charged with anything; the bank wrote this off as a(nother) *shrug* "haha - small fry" loss; and any fines that were finally extracted were siphoned off into organisations that, for all we know, organise the Wall Street Christmas Party.
Meanwhile, the London Whale racks up $6bil in losses and no one seems that bothered about it. No comments from Osbourne, Miliband, Clegg or Farage (spot the banker, kids), apart from the usual glib "the financial sector is a big breadwinner for this country"... while the rest of us have to suck up the austerity wreckage from the 2008 fiasco, watch another property boom / toxic debt bubble build while banks continue to behave in an unhinged, still-unregulated greed-frenzied manner, and our own government perpetrates a vast Privatisation Theft worthy of the Russian Oligarchs.