A couple of videos in which Bill Moyes interviews spotted by Jesse’s Cafe:
Watch them, they hit the nail on the head.
More information on some of those your taxes were used to bail out:
‘We ripped out the eyeballs of our muppet clients’ – Goldman Sachs director’s blistering attack on bank’s ‘toxic’ greed: A SENIOR executive at Goldman Sachs executive has exposed the bank’s “toxic” greed and “immoral” culture in a scathing resignation letter.
JPMorgan Chase also copping flack:
Oh, It’s Not Just Goldman? (JP Morgan Allegations: With the release of Mr. Smith’s open letter to Goldman, I too would like to set the record straight for JPM as well. I have seen the disruptive behavior of superiors and no longer can say that I look up to employees at the ED/MD level here at JPM. Their smug exuberance and arrogance permeates the air just as pungently as rotting vegetables. They all know too well of the backdoor crony connections they share intimately with elected officials and with other institutions. It is apparent in everything they do, from the meager attempts to manipulate LIBOR, therefore controlling how almost all derivatives are priced to the inherit and fraudulent commodities manipulation. They too may have one day stood for something in the past in the client-employee relationship. Does anyone in today’s market really care about the protection of their client? From the ruthless and scandalous treatment of MF Global client asset funds to the excessive bonuses paid by companies with burgeoning liabilities. Yes, we at JPMorgan that are in the know are fearful of a cascading credit event being triggered in Greece as they have hidden derivatives in excess of $1 Trillion USD. We at JPMorgan own enough of these through counterparty risk and outright prop trading that our entire IB EDG space could be annihilated within a few short days.
Wall Street possibly having a disproportionally large proportion of psychopaths has been flagged before:
Psychopaths will not be restricted to Wall Street. But civilized society normally has ways to limit the damage they can do. It appears they may have perverted the culture of some of our banks and sections of broader society.
We should not have been surprised by MF Global or the LIBOR manipulation. Finance is too central to too much of our economy for things to work well while it does not. Regulatory enforcement and culture both act to reduce breaches of trust. Once despicable behavior appears to be socially acceptable it will happen more. Once the rewards for such behavior clearly outweigh the downside it will happen more often.
The lack of criminal prosecution bodes ill for the future. It matters little what laws are on the books if they are not enforced. Crony capitalism is impoverishing us. It’s well past the time to restore integrity to public life and private markets.
Graphic courtesy of Jeremy Grantham’s Letter of October 2010, which makes interesting reading.