"I suppose the lesson is that there is always extra risk with higher reward"
Many market failures arise as this lesson is never learned, or if learned frequently forgotten.
The US savings and loans failures which precipitated almost total banking collapse occurred through simple greed and lack of regulation.
Despite the obvious need to separate retail from casino banking, nothing effective had been done.
Allowing banks to accumulate huge assets and liabilities on the back of small capital margins was blatantly inept.
It seems there are clear parallels with the pension predicament - complacency meets inadequate regulation and greed.
And pretty much the best that could be done to punish those responsible was to strip Fred the Shred of his knighthood.
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