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Thirty years after the Black Monday crash, when stocks tumbled 20% in one day, are markets looking dangerously overvalued yet again?

Ed Butler looks back at the events of 19 October 1987, and asks a wary John Authers, investment commentator at the Financial Times, about what parallels can be drawn with current market conditions? Why are markets so eerily quiet in a time of such geopolitical instability?

Also in the programme, Senior US Judge Jed Rakoff explains why individual bankers rarely face legal prosecution for fraud these days, while their employers, the banks, typically settle such cases out of court.

(Photo: A trader on the New York Stock Exchange reacts to the collapsing stock prices on 19 October 1987. Credit: Maria Bastone/AFP/Getty Images)