You ever live in a rural town or hamlet where everybody knows each other? Well every day you drive on the same local road, speeding 20 mph above the speed limit, while the "local friendly cop" tips his cap to you. Then out of nowher, one day a new cop is hired. You're pulled over, pot is found in your car and your perfect little world is no more.
That seems to me to be what exactly has happened on Wall Street ! Big multi-national banks, investment banking houses and hedge funds who have been behaving in a certain way for decades(if not centuries) are now getting prosecuted, indicted, fined, penalized and crucified for activity they previously had been given a pass on. Paying billion dollar fines/penalties has become the norm...Their get out of jail free cards if you will.
So don't ever , ever feel sorry for these "financial institutions ". When you play with fire, you will get burned....
Steve "Adam Smith" Goldman reporting .
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