by Zeus Yiamouyiannis on Charles Hugh Smith's site:
"... Two notable recent contradictions have surfaced in the ongoing debacle called big banking.
"1) Hedges for big banks have evolved into gambling vehicles that increase risk rather than reduce risk.
"2) Guaranteed savings deposits in those same big banks are being used as fodder in the high-risk investment casinos of global finance. There are no longer effective firewalls or truly secure funds.
"Capitalism now means big banks profit from their so-called successes, and others pay for their failures: “Black is white.” JP Morgan has recently lost $3 billion dand counting on a ‘sure thing’: “Hedges are bets.” Investment banks are now merged with conventional banking and secured by taxpayer and depositor money: “Your money is mine. ..."