Answers are still needed

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This from a blog containing a lot of good stuff on Naked Capitalism:

Dick Fuld reportedly spends much of his days allegedly wondering why he didn't get a bailout. He should instead be thanking his lucky stars he is not in jail. Bankruptcy fraud is criminal, and fraudulent conveyance is subject to clawbacks. How could Lehman possibly have been producing financial that showed it had a positive net worth, yet have an over $100 billion hole in its balance sheet when it went under? No one has yet given an adequate answer on where the shortfalls were.

And still the likes of Boris Johnson say they want to reduce regulation to allow greater 'financial innovation'.

Let's be clear. Financial innovation is a euphemism for means in which an elite (corporate management) strip the wealth of others (pension and other fund holders) under the guise of fees for their 'mastery of the universe'. It's disguised fraud by any other name.

It's why we can do without most of what the City does.