As an aside on the previous post

The really awful thing about the immoral use of credit default swaps I discussed below is that there is actually a good chance that the bankers and everyone involved will get off. There may not have been anything really illegal inlying to one group of investors while helping another make a ton of money. These guys were very careful to game the system and to make sure that no regulatory action would ever be taken.

So we might need to just close the barn door after the horses have run out and make it illegal now. As well as make it impossible to do something similar. And include tough oversight to make sure that when they want to do something ‘innovative’ again, it is vetted to make sure that people are not fraudulently sold a pig in a poke.

Somehow, ever bad player here needs to be shunned in some fashion. And we need to identify the good players, the ones who refused to do this and, while probably hurting their company’s bottom line, displayed a moral sense that should be rewarded.

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