In this column Rich asks a very basic question - to paraphrase - "These are entities that make nothing, have no product that is produced or manufactured yet account for nearly 20% (in total) of the after tax profits of the country". We have entire banks that if they were confined to their business of banking would loose money and most would have been closed a few years back. We have brokerage houses that trade stocks on behalf of themselves and don't even take a meager "you or me" account. We have hedge funds that on some days, trading for themselves only, trade 80% of the volume reported.
They are screaming about some moves toward regulating them. What a joke. But is it? Is anyone going to jail at Lehman Brothers where some wiseguys just moved 50 billion dollars of losses around so to fool the regulators? Exactly how much money did it take for Moody's to slap a AAA rating on worthless junk mortgages? Who paid the money? Who took it?
Its now 6am and I'm mad. Just another Sunday morning.