Risk management is all about managing risks. So when we read JP Morgan's risk management team were managing the risks of Madoff by collecting fees and keeping quiet, we all know why. Short termism. It was clients monies and clients always come last (finalternatives).
We live in a world of transparency but only after the event. Bernanke and the Bank of England know much more about what is going on with their printing money exercises (rampant inflation for starters is around the corner) so gives them plenty of time for them to come up with the relevant media spin when things turn unpleasant.
I wonder what JP Morgan's defence will be?
The intrusion in our daily lives is getting out of hand (you cannot go for a piss in Peter Jones without being photographed). But it gets worse. Following new FSA guidelines, apparently my Blackberry's calls and emails and BBMs must be recorded and logged and filed away just in case I abuse the markets. So I carry 2 of the damn things around now. I wish they would invent double sim Blackberrys as I am having to get my suits remade.
Bernanke's Obesity Reduction Policy (telegraph)
Germany Now Runs Europe (bloomberg)
Wikileaks Use Paper (guardian)
JP Morgan to tell the world "we were duped like the rest of you".