Although the tax loopholes could increase their income by about 15%, it doesn't explain all of it. Being able to increase their leverage from 1:2 to 1:20 could

Although the tax loopholes could increase their income by about 15%, it doesn't explain all of it. Being able to increase their leverage from 1:2 to 1:20 could account for it, but it would require covering loses. If that's really all they did, it's basically a Ponzi scheme, because they would sometimes lose money.