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Frontline: The Six Billion Dollar Bet - MF Global
For those looking for a relaxing movie to help get their weekend started I present to you Frontline's 20 minute documentary on the recent collapse of MF Global and their $6 billion bet that went very wrong. After JP Morgan recently reported a $2 billion trading loss in the derivatives market (estimates show that number rising), it is important to understand that banks today continue to take enormous trading risks with massive leverage that are now fully backstopped with tax payer money. Heads the banks win and bonuses soar; tails the tax payer handles the losses.