The whole subprime mortgage mess and the scandal surrounding Jérôme Kerviel’s wasting billions of Euros shows once again that financial institutions and markets need to be watched and regulated.

Like ultimate power - huge amount of money - are to tempting for mere mortals. Waste, fraud, immoral and illegal stuff WILL happen - that is why banks, accounting firms and stock markets have to have mechanisms for self control and government oversight. Open and free markets don’t work here with no limits will only encourage criminal actions.

Financial markets dominate today’s economics - small wobbles and trigger a domino effect - and can ruin the rest of a still well running economy.