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The Cost Of The Banking Crisis And Industry

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I need a favour - I am looking for an article that stated the cost of the banking crisis had wiped out 10 years of profit made by industry...

On the off chance anyone here has seen it you'd be doing me a massive favour if you could link me.

Many thanks in advance and sorry for the lack of details,

James

Edited by Socialhacker.co.uk

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I read once that in this banking crisis the major western banks have lost more money than they have ever made in their entire history. I worked for a trading firm for several years a long time ago, and did fairly well, although the entire firm went bust.. But even before the firm went bust I had realized that the whole game was a net negative.

What they do is bet very large amounts of levered money and make small amounts of money by going with the trends. But when a black swan appears the losses overwhelm the entire profits gained over the years. So up until the appearance of the black swan it can appear a very profitable business. But it could be a decade of profit before the black swan appears.

What makes it possible is the way the corporations are designed, the worst case scenario for the employees and even the stockholders is to go to zero that year for earnings. But they are not liable for losses once the capital of the corporation is gone.

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