Banking Misfits Strike Again: No Surprise

To some extent, this man is spot on - Banks will take risk. So what? Its what they do. JP Morgan lost money on a bad bet. Again, so what? Its the free market. They lose money and that is THEIR PROBLEM. Involving the government is going to result in one thing: private industry trying to bribe to government to set laws and regulations that only help them create a monopoly or pseudo-monopoly in their industry (see Healthcare). Here's the real kicker being missed here: currently, all TBTF banks are BACKED BY THE FEDERAL RESERVE BOARD, WHICH IS BACKED BY THE U.S. TREASURY. That's ME. AND. YOU.

UN-AC-CEPTABLE. Period.

These are private people making big money. For whom? For you and me? NO. For themselves. If they win big, they should keep it all. If they lose? THEN THEY SHOULD LOSE IT ALL. CAR, HOUSE, KIDS, I DON'T CARE. Its not my fault or yours,

WE DON'T BEAR RESPONSIBILITY FOR THEIR ACTIONS, ONE WAY OR THE OTHER.

So currently, SUCK IT, Mr. Scaramucci. These banks are backed by the U.S. taxpayer, so YES, we DO have a say in what they do, risk-wise. We are their CREDITOR. And taking CASINO BETS in wildly complex credit instruments that results in open-ended losses that run into the billions IS OUR BUSINESS.