What a mindless fiasco today was. What the hell are they going to learn that everybody doesn't already know? It's just smoke and mirrors to keep everyone from throwing Barney Frank into jail. Cluster jacko**
Fine,if you are on their side feel free to carry on bankrolling the incredibly rich at the expense of the entire world. Personally,i'd rather not.That's not to say i like politicians anymore than you do. But of course,it's terribly bad form to allow yourself to be financially and morally corrupted and then point the finger at the puppet master when you are there to represent our needs. The moral indignation and hypocracy would be quite amusing if it wasn't so tragic. These crooks on wall street contribute nothing to society at all.Greed isn't good for anyone else. I love capitalism as much as any trader but we cannot continue like this or we will not survive as a species ultimately imo.And in the meantime a lot of people will suffer for no other reason than the greed and corruption of a tiny few.Are you honestly saying that this is how you want the world to be like for everyone and their kids? # btw he wasnt telling congress 'to fuck off'- he is telling you to fuck off .You and the rest of us.
It is hard not to see this a complete b.s. the banks have alread purchased the important congressional seats. Now this is just musical chairs to avoid the the being the fall guy. Congress seems to want one scalp. It will probably geithner. Without a new glass steagall it is all just bull shit. sounds like the scenes from the godfather part 3.
Sure they are sorry. Just not sorry enough to give up any compensation money. William Black's assertion is that the FASB rule change is what allowed them to say they were "profitable", so the basis on which they are paying themselves so well is false. One interesting question that Blankfein skirted was how their own credit analysis saw the securities as bad, yet they were still getting them rated as AAA to be sold to clients (greasing palms with fees?). It was interesting to see that only 4 guys now run the whole show though.
Just 4 guys? wow really? i can't tell you how much that makes me pray for a serial killer.About 2 to 3 months,job done.
It's amazing how everyone knows how this all plays out,who's responsible.etc. And the biggest joke is they know we know (the known knowns) and that there isn't a goddam thing we can do about it. Its like the mafia as some one alluded to-you are just unlucky or careless if you get whacked,but mostly money,guns,drugs and chicks for free.
everybody on this site is either extremely left or extremely stupid. what do you mean by "wall street contibuting nothing to the society?" funny that nobody complained about this for the past 20 years before the crisis - just the oposite in fact. i would be glad to hear what banks actually did wrong. yes - e.g. in mortgage securitization they behaved in a predatory way - but the system was set up like that by the government (remember FNM, etc?). if they did not behave like that the shareholders (like you) would boot the management out. if somebody fucks up (like RBS with ABN) he should go BK - but hey, that's not trendy nowadays. there were many mistakes made by many. the financial system changed faster than rules were adjusted - so it made sense to lend banks some money when a total panic broke out in sep08. but that does not mean US has to become socialist society - which is how everybody is talking recently. when the loans are repaid it is up to the bank how they want to compensate their employees, who they want to lend money etc. it is not a business of some mother fucking representative in congress. yes - and i support rich. poor people have way too often ugly diseases + they pay less in taxes.
its the socialized losses we are ticked about. by the way they have not paid back all they have taken. The loans - those were for show... the real money was the tarp the accounting the fed buying trillions of crappy loans and pretending that they were worth much more than the are. the government buying a trillion dollars of low interest rate loans to keep the bottom from falling out. the government funding fne fmc.... its not just a few billion in loans its a few trillion. one estimate was 300,000 thousand for every man women and child child alive in america. thats the fall out - not a few fricken billion.
From animated series Futurama Hermes: "What do we do if we break somebody's window?" Dwight: "Pay for it?" Hermes: "O hohoho, heavens no. We apologize. With nice cheap words."
----------------------------- To LeeD : Very true.. very true.. But it is not limited to big shots. The drunk driver killing a mother and her kids while fleeing cops.. Later on the driver sez: Soooo Sorry, now get me out of jail... and they will.. ag