An unregulated derivatives market essentially gives Wall Street a way to place hidden taxes on everything in the world.
Chart of the Day: JP Morgan’s Derivatives Loss vs. Estimated Cost of Regulations
Quote of the Day: Matt Taibbi
You win the modern financial-regulation game by filing the most motions, attending the most hearings, giving the most money to the most politicians and, above all, by keeping at it, day after day, year after fiscal year, until stealing is legal again.