There Are Muggings and There Are Muggings

Good column in Times of London on how people are treated differently, depending on whether they mugged you on the street or in the banking system.

Our system for regulating markets and for prosecuting market crime is completely broken. If you mug someone in the street and you are caught, the chances are that you will go to prison. In recent years mugging someone out of their savings or their pension would probably earn you a yacht.

How did we get here? Well, financial deregulation undoubtedly released great energy and wealth into the markets and did so in part by giving bankers and financiers more space. But this space had another effect. It created a growing distance between wealthy and powerful individuals and the agencies designed to police their behaviour.

More here.

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