Read what I wrote you babbling idiot--- "I WOULD SAY"--Means my opinion, not factual information you dolt. Boise? Lol. Sorry inbred, not even close. P.S.-- I'll bet you $50,000 that my main retail trading account is larger than your entire net worth. Buck up or shut up (or get back to your Human Resource job interviewing college kids, piker).
So just because a few hedge funds went bust, the rest of the Wall Streeters are as stupid and incompetent as them? I think I have enough of media sensationalism and ignorant for the day. Have fun BuyLoSellHi
Well, first of all, I'm not a brother. Second, I'm not an "insider". As in, I've worked for all these investment banks in the past and I have my own company which neither needs nor is eligible for taxpayer handouts. So, I eat what I kill and let's just say I eat much better now. Idiots like you always think you know infinitely more than you do because you've "met people". LOL. That's why you regularly get your face ripped off in the market and then piss and moan about it. Meeting someone at a party doesn't make you an expert on their job. Look, idiot, the simple truth is that when you let government have this much control over the economy, shit like this is going to happen whether you like it or not. You might consider that maybe YOU'RE not worth what you're being paid. Maybe you're not worth being paid at all - although I'm sure you'd totally disagree.
Lost in the bullshit is the fact that the Morgan's and Goldman's took big hits on trades that the Fed and Treasury ASKED THEM to put on. It's not like the positions held by BCS, LEH and AIG just vanished into thin air. Stuff like this...... http://www.marketwatch.com/news/sto...x?guid={55ECFC34-0EB4-4B67-A3D4-95440BE8D987} Led to this........ http://online.wsj.com/article/SB122202739111460721.html?mod=todays_us_page_one
Reading your idiotic drivel again won't improve its content. I didn't ask you for facts, moron. I asked you to back your idiotic assertion that only 5% of traders on Wall Street are any good. That is, on what do you base this assertion? The fact that you think that you're an "elite" trader because you post on a message board with "elite" in the title? Not good enough, sparky. LOL! I would take that bet. However, I don't think you have $50K and I don't do business with idiots who are poor credit risks.
Exactly why government should have no hand in banking or any other economic entity at all. The government should be restricted to maintaining Rule of Law and common defense. It's barely competent to do that. Once the government is in the position to decide which businesses fail and which survive, you get the fucked up economies of Europe and the Soviet Union. All private enterprise turns from profit seeking to rent seeking and efficiency and wealth creation become distant memories. All the taxpayers will be able to do about it is gripe.
Angrycat, your credibility amounts to pissing in a hurricane when anyone can follow the simple advice of Malkiel or David Swenson, and save themselves the inefficiencies, expenses, aggravations and arrogance of working with Wall Street Jackoffs like you. Face it, Wall Street is becoming a Vestigial Organ, and you can hear the bell for whom it tolls - those caught up in the demise of your profession. This massive hollowing out process of brokers and advisors is only the beginning, and it's structural. Good luck to you and your cohorts. http://www.vanguard.com.au/Personal...on_Indexing_strikes_a_chord/indexdl_2651.aspx http://seekingalpha.com/article/41738-how-to-invest-like-yale-s-david-swensen
Look, in reality, most Wall Street "professionals" might as well be selling used cars, cause all they can really do well is bullsh*t. Any individual truly talented & not a crooked piece of sh*t leaves those firms.
these bonuses are the reasons these wall street employeess especially senior manageemnt started to cheat to get the bonuses. cheat to get bonuses. they lie break rules to get more revenues to get the bonuses. million dollar plus bonuses in wall street is an incentive to cheat on the balance sheets and taking very risky bets that bankrupt the banks and investment banks.
I totally agree with you, poyayan. Unfortunately, when BAC, C, et. al. get kicked to the dirt, they just receive windfalls from their water carriers in congress. That means the losers will always win and the real winners will always be forced to pay for the losers. This also means that to survive, you don't have to be competitive, wise and innovative, you only need to be politically connected. For these reasons, I think we've been sold a load of crap by Paulson and Bernanke. The bailouts are far worse than the alternative of just letting the banks fail.