The most important thing to take from this story is this: Wall Street has learnt nothing. The same people who took us to the brink of financial Armageddon in 2007-2008 are still at it. Still executing wild, greedy bets in the hope of taking the upside, knowing they can walk away from the downside.
It would be bad enough if it just hurt their own, but these people threaten us. They threaten our investments, they threaten our government balance sheets, they threaten our economic well-being. And for all that not one - not one - Wall Street sort has been jailed for the crimes of the credit crunch. Am I optimistic that it will be different this time with MF Global? No. I am not.
Congress - of the billionaires, by the billionaires, for the billionaires - has choked all attempts at reform (the funds-starved Frank-Dobbs act has been on life-support since day one) and the SEC doesn't have the teeth or manpower to act.
For more: Felix Riley: Nothing Has Changed On Wall Street
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