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Remember how the immaculately organized and professional appearing Wall St. firms did the exact same shit back in 2008? The only difference is really that they
by fallingknife 4y ago
Remember how the immaculately organized and professional appearing Wall St. firms did the exact same shit back in 2008? The only difference is really that they had the political clout to get a government bailout.
- csin 4y agohttps://www.theonion.com/crypto-confidence-soars-after-ceo-defrauds-customers-ju-1849773647 https://www.theonion.com/crypto-confidence-soars-after-ceo-d...
- vkou 4y agoWhich exact Wall St. firms took all their customer's deposits and bet them all on the Kentucky Horse Derby, while filling their balance sheets with their own equity, and self-printed scrip? There's a lot that went wrong in 2008, but none of it looked anything like this.
- fallingknife 4y agoMF Global edit: And a ton of others, like every major investment bank (who also used customer funds as collateral for prop bets) except that the government bailed them out.
- vkou 4y agoThat's a fair point. The main difference between the two seems to be one of scope, and it's ridiculous that nobody at MF Global went to prison.