What is wrong with US capitalism? Las Vegas-style gambling in the banking sector has outstripped the Silicon Valley tech sector.

John Doerr famously said that the internet was the “largest legal creation of wealth in the history of the planet.” But that creation of wealth is dwarfed by the similarly legal creation of wealth we see through the unregulated trading of derivatives. Bloomberg reported this morning on Wall Street’s lobbying effort to keep over-the-counter derivatives market, including credit default swaps, legal and unregulated. Five US Commercial banks — including JP Morgan Chase, Goldman Sachs, and...
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