We get tired (sometimes) of repeating ourselves here at Sound Money, but an important lesson about the difference between voluntary exchange under contract law (free market) versus involuntary transfers under bureaucratic administration with legal immunity (government market) is that when the free market offers a product that is deficient it finds no buyers and disappears, whereas in the government market that product is just forced on consumers; and if the product turns out to be fraud on steroids, well sir, in the free market you go to jail, but in the government market you increase profits and market share.
Any time a government agency fails it cries out for, and usually gets, a bigger budget and more power. Well, in a fascist country the biggest firms are government agencies except in name only, and so the same rule applies to them. Enter JP Morgan Chase.gov.
“JPMorgan Chase & Co. (JPM), the biggest U.S. bank, has hired former U.S. Securities and Exchange Commission enforcement chief William McLucas to help respond to regulatory probes of the firm’s $2 billion trading loss, according to two people with knowledge of the assignment.”
There! that oughta fix it!
For more, go to zerohedge.com