Right, so I can't help myself today. Apparently, a giant/enormous clearinghouse somehow managed to use its clients' money to play the stock market, and lost. Clearly illegal, I thought...
http://www.chicagotribune.com/busine...,4783467.story
Originally Posted by Reuters
I don't understand this though:
Is he saying this is an expected risk, or it is a risk because the company could be doing this illegally?"It is always the case that customers have the risk of other customer losses in the customer segregation pool," Donohue told investors on a conference call. "There's always the risk as well that customer funds are not properly protected."
Jail really helps markets, I think. People need to go to jail.
Speaking of jail. It's an interesting contrast with the sandwich story, innit? Couple accidentally "steals" $5 worth of over-priced sandwiches: they get arrested. Top executives literally steal what is probably going to be hundreds of millions if not billions of dollars: IT'S OKAY!