If you have not been concentrating for the past few months, you may think that nothing much has changed in the world of finance.
Banks such as JPMorgan Chase and Goldman Sachs have reported large profits for the second quarter, helped by big fixed income trading revenues, having repaid the equity injections the US government made in them last autumn.
Meanwhile, regulators struggle to devise a solution to the glaring problem that we now know such institutions to be too big to fail. Not only do they enjoy day-to-day access to central bank funding, but they are bound to be bailed out if trouble strikes; there is no use denying it.
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