“This week’s collapse of a gold-derivatives business has hit tens of thousands of customers and shaken confidence in the effectiveness of the nation’s financial regulation.  The company, Amber Gold, Sp. z o.o., which sold a gold-indexed investment of its own design and offered higher interest rates than banks, pledged eventually to repay about $24 million it said it owed to roughly 50,000 clients in Poland.  Its airline, OLT Express, ceased flights last month and the gold fund unraveled this month after government warnings prompted commercial banks to close Amber Gold’s accounts.” [Regulation is the disease, not the cure.]

http://online.wsj.com/article/SB10000872396390444184704577589202876123794.html?mod=googlenews_wsj

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