Too big to fail © fintag

News comments:
It seems like only yesterday that Banks were the bad guys and would all be shot at dawn. Alas, and as to be expected because your average bankers IQ greatly exceeds that of your average regulator or politician, bankers are back to their old tricks. Frank Dodds and a few EU directives make the problem worse for they spread around the risk but don't solve the underlying problem: greed and limited downside.

Goldmorgan Stanley has no prop desk anymore; except it does but the regulators cannot see it. You think fees are now transparent? Get a life. Fees are as hidden as ever and always will be.

I noted the impressive building at Lothbury yesterday. Opposite the Bank of England a communist red flag waves proudly. So you think the Bank of China will behave like the rest of the worlds banks? Of course but only if it suits China.

You can only cure sex addicts by cutting off their balls [Editor: steady].

Today's shorts:
Shoppers leave UK (cityam)

Euro is ok. Euro is dead. Make your minds up please ...(telegraph)

Today's longs:
Goldman, Greece and Grubby behaviour (bloomberg)

Oil (reuters)

Gossip:
Fintag to publish his first novel later in 2011.