"William K. Black is one of my heroes. He is a former bank regulator, professor and an outspoken critic of the part of Wall Street that crashed the financial system in 2008. His big beef is there were zero prosecutions of financial elites. A thousand big wigs were convicted (including a sitting governor) in the wake of the Savings and Loan crisis in the early 1990’s. According to Professor Black, the 2008 meltdown was 70 times the size of the S & L blow-up. Black, whose specialty is white-collar crime, says, basically, nothing is fixed, and taxpayers are on the hook for the next meltdown. JP Morgan’s latest trading loss is just the tip of the iceberg because if JP Morgan can be hit with billions in surprise losses, then the other too-big-to-fail banks are very likely in the same boat taking the same risks with taxpayer backing..."
at http://usawatchdog.com/jp-morgan-tip-of-iceberg/
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