You didn't answer my question, by the way. The taxpayer will have to bail out JP Morgan to the tune of trillions probably. Rubin is the one that made these 700-1 derivitive positions possible. That ain't no big deal to you?
Yes, it's a " big deal " ; however, it's
nothing new. This has happened time and time and exhaustively, time again. What ... you think that this is the first time this has happened ? This has happened so many times, in this nation's history, that it's no surprise. People knew ( speculated upon, as it was THE only way that the bubble could have been sustained ! ) that this was the case, when it was happening.
What's the point of having a hissy fit now ? There isn't a thing that you can do about it. Perhaps you should read up on Market history, and venality, before you use today's problems as something unusual / peculiar.
BTW, J.P. Morgan ( the man and hjis bank ! ) pulled the coals out of the fire, so to speak, at the behest og the government, during several Panics and attempted to help, during the Crash of '29.