The week that was: The truth about risky business

The house always wins.

The truth about risky business

“MF Global: How Not to Manage Risk”,, nov. 1.

It’s said there’s no reward in life without risk. Incumbent in this axiom is the idea that, in order to reap gains, it is necessary to make certain (hopefully educated) gambles. A risk taker must be prepared to lose in the event that his risk goes awry.

A problem arises when, as in the upper eschelons of the financial industry, one takes a risk with someone else’s collateral. Take the case of recently bankrupted MF Global. The firm bet big on risky European debt. Had the risk paid off, execs like CEO Jon Corzine, the former Democrat governor of New Jersey, stood to enrich themselves generously. They lost their bet, but the risks were borne by their investors — including pension funds of hard-working Americans. Corzine may even take millions more in the form of golden parachute bonus money.

Occupy protesters risk everything — freedom, comfort, financial security — to raise awareness of a system in which a rich elite risk nothing of their own in mad gambles to win everything. Win or lose, the 1 percent wins. And we lose.

Adorable headlines

“Batman is taking over Wall Street”, Oct. 30
At least someone is stepping in to clean up our financial supervillains.

“Kardashian divorce sparks touching vigil”, Oct. 31
Yeah, we’ll bet there was quite a bit of touching as the Internet denizens discovered Ms. Kardashian was back on the market.

“Bachmann ‘out of ideas’”, Oct. 31
Bachmann had ideas?

“Will judge throw book at LiLo?”, Oct. 31
It sure looks like Lohan had something thrown at her.


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