I’m pretty much blatantly ripping off Atrios for this one, but it is what it is: just incredible. Guy steals $69,000 of money that isn’t his, he gets arrested and charged with felonies. Guys steal $1.6 billion of money that isn’t theirs in essentially the same way, and everybody just sits around hemming and hawing. As the article says, this isn’t complicated like JP Morgan: customers deposit money, money is stolen from accounts to cover debts. So far, though, nobody has been charged with 20,000 felonies. Or even one.
With this, JP Morgan, the hilariously botched and now investigated Facebook IPO, and Europe debating whether to continue to bleed the anemic patient, it’s hard reading the news these days.