Good discussion here on the need to hold capitalism accountable by forcing risk takers to take their losses with capital and personal risk in the system. Letting reckless players take excessive upside and escape the correcting downside is how we got the crash of ’29 and the extended Depression thereafter. It is also why we are suffering through similar repercussions today. Here is the direct link.
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More on this with “Exile on Wall Street” analyst Mike Mayo. Here is the direct link.
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Mr. Corzine is playing with words. He didn’t say “”use””, he said “”misuse””. Taste the words carefully and you notice the diffrence. He considers using that money from clients as “”use””, not as “”misuse””.