Not one of the executives at any of the 10 or so giant international investment banks in the U.S. and Europe that imploded the financial system five years ago by using illegal trading methods has gone to jail, or even been prosecuted. Why hasn't more been done? That's a good, and frustrating, question.
Another sordid example of banksterism -- money laundering -- surfaced this week accompanied, not surprisingly, by a blistering global poll that shows faith in capitalism is shrinking. The HSBC (Hong Kong and Shanghai Bank Corporation), the largest financial institution in Europe, revealed "major internal-control problems" and plans to apologize for its lapses next week to members of a U.S. Senate subcommittee into terrorist and trafficking money laundering.
Assuming Mr. Carney and his fiscal policy counterparts maintain their credibility, the country may very well hang on to number one for another year at least. That's good news for business and it might just be the thing that softens the blow to our equity market should the gyrations of the past few months continue.