Privatizing profits, socializing losses.

That's the scam the TBTF banks have going.

"We have to understand that these losses are not rare," said Christopher Whalen, senior managing director of Tangent Capital Partners in New York. "These are recurring events that have to do with the fact that banks don't want to lend money. They want to trade opaque, illiquid securities that are not well understood, and I'm not sure banks should be doing that."