There was a major development last week in the nation's collective desire to send at least one Wall Street big shot to jail after the financial crisis.
Normally, after a financial collapse and crash like the one we had, Wall Streeters are rounded up in packs, vilified, and incarcerated.
This time, however, no big shot has been so much as charged with anything, let alone sent to jail.
(The reason for this, which no regulator or Congress-person will admit, is because the vast majority of what happened in the years leading up to the financial crisis was legal, courtesy of silly laws championed by the industry and enacted by Congress. But Congress can't admit that, so Congress instead blames prosecutors and regulators for being too wimpy.)
But now it has become clear that at least one crime was committed at a major Wall Street bank.
MF Global used customer funds to pay off non-customer debts while frantically trying to save itself.
So the question is whether the governmentRead More »from MF Global: A New Hope In The Effort To Send A Wall Street Big Shot To Jail