Tuesday, July 22, 2008
Morgan Stanley was able to make massive trades on the basis of privileged information
It is a glorious testament to the power and influence money can buy. Having almost single-handedly plunged the developed world into its worst financial crisis for more than half a century, one might reasonably expect the banks to be subject to some serious sanctions and rule-tightening from governments and regulators.But no. Nearly a year on from the start of the current crisis, senior bankers continue to enjoy the financial fruits of their misdeeds, safe in the knowledge they will never be called to account for their actions. Indeed, more evidence emerges today that the banks have been able to persuade regulators to loosen the rules even further, to allow them to make even bigger profits at our expense in the future.