If we are Rome, Wall Street is our Coliseum – MarketWatch

Great article! I agree there is lot of similarities with Rome and America today and this country lives in the present – without any respect for the future and lessons from the past. A trader friend of mine outlined a simple example – his bank does not really know what transactions have been created in the past. He was outlining an example where a heding strategy that might have been created 10 years ago expires next month and the bank has to bear the financial burder on that strategy that has long since been forgotten. The trader is then stuck with this on his current P&L statement.