Enjoyed listening to Dowd, particularly his discussion of the Yen carry trade. Craig Hemke has talked about the Yen carry trade for years and how the arbitrage is exploited by traders. Hopefully Dowd is wrong about more banks having problems, but frankly i am surprised they have lasted this long (even with the Fed's help). Of course, as mentioned, we (taxpayers) will pay for it. What they need are some real criminal prosecutions and massive civil suits against some of the leadership of the banks if they are involved in fraud in any way. Some may just be involved in super-risky leverages bets, so that would most likely rule out criminal prosecution, but not civil suits based on their status as fiduciaries.
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