Moral Hazard II

It appeared that with the refusal of FedAid to Lehman and the shotgun wedding of Merrill to Bank of Captain America, Treasury Secretary Paulson had closed the Moral Hazard Insurance window for your friendly Investment Bankers-only service. But I demurred here. And sure enough, two days later, the Moral Hazard Insurance window is open again and those dastard government regulators (sonorous sentiment of many Captain of High Finance Capital) have made   taxpayer money  still  to be got. A roll of Beethoven’s 5th symphony opening movement may provide the appropriate dramatic note.

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