Tag Archives: bankers

Did You Hear the One About the Bankers? – NYTimes.com

30 Oct

Our financial industry has grown so large and rich it has corrupted our real institutions through political donations. As Senator Richard Durbin, an Illinois Democrat, bluntly said in a 2009 radio interview, despite having caused this crisis, these same financial firms “are still the most powerful lobby on Capitol Hill. And they, frankly, own the place.”

Our Congress today is a forum for legalized bribery. One consumer group using information from Opensecrets.org calculates that the financial services industry, including real estate, spent $2.3 billion on federal campaign contributions from 1990 to 2010, which was more than the health care, energy, defense, agriculture and transportation industries combined. Why are there 61 members on the House Committee on Financial Services? So many congressmen want to be in a position to sell votes to Wall Street.

via Did You Hear the One About the Bankers? – NYTimes.com.

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The Bankers Don’t Get It!

15 Oct

The alpha monkeys are playing dumb. If they’d studied evolutionary psychology they’d know that equality is in our blood. The protests are not going to stop.

Writing for The New York Times, Nelson Schwartz and Eric Dash report:

“Most people view it as a ragtag group looking for sex, drugs and rock ’n’ roll,” said one top hedge fund manager.

“It’s not a middle-class uprising,” adds another veteran bank executive. “It’s fringe groups. It’s people who have the time to do this.”

Well of course they have time, you fool, you destroyed their jobs playing king of the hill with their pension fund money, their 401K money, and their mortgages! Here’s another one of these self-deluded buffoons!

“Who do you think pays the taxes?” said one longtime money manager. “Financial services are one of the last things we do in this country and do it well. Let’s embrace it. If you want to keep having jobs outsourced, keep attacking financial services. This is just disgruntled people.”

Well, do YOU pay taxes? Warren Buffett says he pays at a lower rate than his secretary. What about you? And just what do you mean this country does financial services well? You guys just blew up the WELL three years ago! What you do well, very well, is get the government to pay you for all the destruction you’ve wrought!

This Midas goes on to say:

He added that he was disappointed that members of Congress from New York, especially Senator Charles E. Schumer and Senator Kirsten Gillibrand, had not come out swinging for an industry that donates heavily to their campaigns. “They need to understand who their constituency is,” he said.

Yep, that’s it! He bought the government and he wants it to stay bought. And I’ll just bet that Schumer and Gillibrand want to stay bought, too. Maybe that’s why this chump was talking to a Times reporter, so he could get in a shout out to his homies/lackies in Congress, reminding them to keep in their place and mind their betters.

“Wall Street continues to underestimate the degree of anger among citizens and voters,” said Douglas J. Elliott, a former investment banker who is now a fellow at the Brookings Institution. For the most part, bankers say that they see the protests as a reaction to the high unemployment and slow growth that has plagued the American economy since the recession and the financial crisis of 2008. Despite all the placards and chants plainly indicating otherwise, some bankers suggest that deep down, the protesters are not really all that mad at them.

Well, of course they’re mad about not having jobs. But anger over jobs has reminded us of something that goes deeper than that, much much deeper.  These guys are out of touch; they don’t have a clue. Continue reading

Wall Street: The Dead Face of Domination

9 Oct

IMGP4452rd - The Face of Domination

Look at those huge buildings. What do they say? What do they express?

Only one of them, the smallest one, at the lower right, has any articulation (detail, action) on its surface. The others, smooth, glassy, slick.

Dead.

Those buildings are in New York City’s financial district (aka Wall Street). That’s where the captains of finance manipulate our world while playing ‘King of the Hill’ against one another. They’re keeping score with our money, while we go without health care, without pensions, without hope for our children and grandchildren.

The design of those buildings speaks volumes. Clean and slick, very smooth and efficient. But completely out of scale with human life. That’s what the lack of articulation in the surface says, nothing at human scale.

Nothing.

We don’t have to wait for the future in which the machines take over. They already have.

Those buildings are the machines. They are the Borg. We ARE living in The Matrix. We are nothing but feedstock for the adolescent games those machines play with one another.

See those people down front, left of center? That’s us, the 99%, the feedstock, as it were. See the foliage, the foliage that breaths life into the air by transforming the sun’s energy into bioenergy? More feedstock for the Borg Buildings. Continue reading

The Bankers and the Revolutionaries – NYTimes.com

2 Oct

Arab Springs comes to Wall Street:

“This was absolutely inspired by Tahrir Square, by the Arab Spring movement,” said Tyler Combelic, 27, a Web designer from Brooklyn who is a spokesman for the occupiers. “Enough is enough!”

The protesters are dazzling in their Internet skills, and impressive in their organization. The square is divided into a reception area, a media zone, a medical clinic, a library and a cafeteria. The protesters’ Web site includes links allowing supporters anywhere in the world to go online and order pizzas (vegan preferred) from a local pizzeria that delivers them to the square.

This is big (boldface mine):

In effect, the banks socialized risk and privatized profits. Securitizing mortgages, for example, made many bankers wealthy while ultimately leaving governments indebted and citizens homeless.

We’ve seen that inadequately regulated, too-big-to-fail banks can undermine the public interest rather than serve it — and in the last few years, banks got away with murder. It’s infuriating to see bankers who were rescued by taxpayers now moan about regulations intended to prevent the next bail-out. And it’s important that protesters spotlight rising inequality: does it feel right to anyone that the top 1 percent of Americans now possess a greater collective net worth than the entire bottom 90 percent?

via The Bankers and the Revolutionaries – NYTimes.com.

The Good Banker – NYTimes.com

2 Jun

Wilmers, it turns out, is that rarest of birds: a banker willing to tell harsh truths about banking. That, for instance, much of the money the big banks earn comes from trading profits “rather than the prudent extension of credit that furthers commerce.” That derivatives had helped bring about the crisis and needed to be regulated. That bank executives were wildly overpaid. That the biggest banks — the Too Big to Fail Banks — were operating, as he put it, an “unsafe business model.”

via The Good Banker – NYTimes.com.