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(The New York Times)   Wall Street bankers confirm they have no clue about anything except how to line their own pockets   (nytimes.com) divider line 97
    More: Obvious, Wall Street, pockets, Lloyd Blankfein, bank, Chairman Phil Angelides, deregulation, oil prices, financial industry  
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9533 clicks; posted to Main » on 16 Jan 2010 at 4:32 PM (4 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2010-01-16 01:14:14 PM  
Meet Jamie Dimon, chief executive of JPMorgan Chase, who made millions as a top executive, but because the federal government tried to prevent the huge bonus he stood to receive, he stomped his feet and cried. Now you can help, for just 10 cents a day, you will receive a picture of your executive, standing next to a recently purchased German engineered sports sedan, and maybe even a thank you note, if they have time. Your 10 cents a day can make a difference for an impoverished executive, so won't you please call now.
 
2010-01-16 02:19:36 PM  
Still, Mr. Dimon's cluelessness paled beside that of Goldman Sachs's Lloyd Blankfein, who compared the financial crisis to a hurricane nobody could have predicted. Phil Angelides, the commission's chairman, was not amused: The financial crisis, he declared, wasn't an act of God; it resulted from "acts of men and women."



I am continually amazed that Goldman-Sachs executives aren't sitting in a jail cell somewhere.
 
2010-01-16 02:55:36 PM  
Economic reform has taken a back seat to the healthcare debate. I hope that something meaningful and effective will come out of this, but I'm not holding my breath. I fear we will continue to see the same extreme democrat vs republican partisanship while 'Rome' burns. Our system seems more broken all the time.

/my glass is half empty today.
 
2010-01-16 02:59:14 PM  
when wallstreet season opens, jail cells won't be needed.
 
2010-01-16 03:24:32 PM  
PeppaJack: Economic reform has taken a back seat to the healthcare debate.

And to Haiti. There are some bankers reaaally happy about a certain earthquake to befall a certain impoverished country.

How many degrees of separation do you think there are between Goldman Sachs and Haiti?
 
2010-01-16 03:37:05 PM  
As an aside, it was also startling to hear Mr. Dimon admit that his bank never even considered the possibility of a large decline in home prices, despite widespread warnings that we were in the midst of a monstrous housing bubble.

Jesus Christ. Yeah, we clearly don't need regulation on Wall Street. These geniuses can regulate themselves and nothing bad will happen.
 
2010-01-16 03:59:45 PM  
September 2008: A row of heads on pikes going up and down Wall Street would have kept the rest of these bastards in line.
 
2010-01-16 04:02:22 PM  
Weaver95: I am continually amazed that Goldman-Sachs executives aren't sitting in a crematorium somewhere.

FTFY
 
2010-01-16 04:06:19 PM  
doh, farked that up
 
2010-01-16 04:34:41 PM  
FTFA: There were two moments in Wednesday's hearing that stood out. One was when Jamie Dimon of JPMorgan Chase declared that a financial crisis is something that "happens every five to seven years. We shouldn't be surprised."

Some of these people are really aching to be the first against the wall.
 
2010-01-16 04:37:30 PM  
Meh. All of those firms have traders who will pocket more than the CEO in some cases. Good for them.
 
2010-01-16 04:39:41 PM  
So, now that we can see that their actions were willful (clueless is tantamount to willful if you continue to pretend you know what you're doing and screw literally millions of people out of everything they have), when are we going to declare them enemies of the state and execute them for their crimes?
 
2010-01-16 04:41:15 PM  
Weaver95: I am continually amazed that Goldman-Sachs executives aren't sitting in a jail cell somewhere.

I'm not; they were Obama's number one private campaign contributors.
 
2010-01-16 04:42:30 PM  
If the Taliban had as successfully crippled your economy nukes would be flying. Nothing was learned from the Savings and Loan scandal either. Shoot someone in a robbery; fry. Destroy your own country; executive bonuses.
 
2010-01-16 04:44:14 PM  
These people aren't bankers, they're thieves running banks. They're from the Michael Milken and Charles Keating school of finance.
 
2010-01-16 04:45:36 PM  
ScottMpls: Meh. All of those firms have traders who will pocket more than the CEO in some cases. Good for them.

As someone who works for these people I can say they are just as, if not more clueless. Their "investment strategies" amount to nothing more than throwing darts at a page stock quotes from the WSJ. No farking joke.
 
2010-01-16 04:50:38 PM  
Weaver95: Still, Mr. Dimon's cluelessness paled beside that of Goldman Sachs's Lloyd Blankfein, who compared the financial crisis to a hurricane nobody could have predicted. Phil Angelides, the commission's chairman, was not amused: The financial crisis, he declared, wasn't an act of God; it resulted from "acts of men and women."



I am continually amazed that Goldman-Sachs executives aren't sitting in a jail cell somewhere.


Looks like you don't know who runs America.
 
2010-01-16 04:51:48 PM  
Weaver95: Still, Mr. Dimon's cluelessness paled beside that of Goldman Sachs's Lloyd Blankfein, who compared the financial crisis to a hurricane nobody could have predicted. Phil Angelides, the commission's chairman, was not amused: The financial crisis, he declared, wasn't an act of God; it resulted from "acts of men and women."



I am continually amazed that Goldman-Sachs executives aren't sitting in a jail cell somewhere.


I'm surprised their heads aren't on pikes.
 
2010-01-16 04:51:49 PM  
"Come on, death for running a stop sign?"
"And for being a banker! That's the double death."
 
2010-01-16 04:54:20 PM  
MaudlinMutantMollusk: Weaver95: Still, Mr. Dimon's cluelessness paled beside that of Goldman Sachs's Lloyd Blankfein, who compared the financial crisis to a hurricane nobody could have predicted. Phil Angelides, the commission's chairman, was not amused: The financial crisis, he declared, wasn't an act of God; it resulted from "acts of men and women."



I am continually amazed that Goldman-Sachs executives aren't sitting in a jail cell somewhere.

I'm surprised their heads aren't on pikes.


Why? Americans are too damn lazy to start, let alone participate in a "revolution". It's easier to whine and biatch about the world, than do anything to change it.
 
2010-01-16 04:54:56 PM  
Of course, the lefty press, and lefty trogs that believe all of what leftdom spouts, ignore the millions plus 'obama approved and senate certified' hand outs to the lefty appointees running Freddie Mac and Fannie Mae, (who have shown only losses). They ARE allowed to keep MILLIONS in bonuses, since the Congress (which now OWNS them) can do nothing about it...

Citing one of the major causes of this financial disaster, Barney Frank... Nuttin' we can do about it.

They forced the banks to take the money.

The bank paid or are paying it back...

But Fannie and Freddie are needing handouts...

Who gets it from the leftie press...

The Animal Farm dogs and pigs squeal in which ever direction they are pointed... they have no original thougths except gravy train.
 
2010-01-16 04:56:46 PM  
ScottMpls:

Why? Americans are too damn lazy to start, let alone participate in a "revolution". It's easier to whine and biatch about the world, than do anything to change it.


While I agree with you on a general basis concerning Americans, I also think it only takes a very small contingent of very angry people with nothing to lose and a bit of organization and direction to drastically reduce the number of responsible Execs still walking around.

I'm not calling for it, but if I was on the jury...
 
2010-01-16 04:59:13 PM  
Repealing the Glass-Steagall Act turned out to be a really stupid idea.
 
2010-01-16 05:00:09 PM  
ScottHimself: ScottMpls:

Why? Americans are too damn lazy to start, let alone participate in a "revolution". It's easier to whine and biatch about the world, than do anything to change it.

While I agree with you on a general basis concerning Americans, I also think it only takes a very small contingent of very angry people with nothing to lose and a bit of organization and direction to drastically reduce the number of responsible Execs still walking around.

I'm not calling for it, but if I was on the jury...


The Feds are as much as fault as the banks, and they are in the same bed, regardless of the O-Man's public "outrage".
 
2010-01-16 05:03:20 PM  
It -has- happened before, we were just lucky that it happened to a single entity at one time. Our economy has been on the brink of institutional collapse a number of times, but it's been one company needing a bailout instead of a large number of companies needing a bailout.

The Gov't knew exactly what was going on, they have a very close relationship with these companies. The entire system failed, not just the companies.

/People should read Buffett's book
 
2010-01-16 05:03:52 PM  
the old rang: Of course, the lefty press, and lefty trogs that believe all of what leftdom spouts, ignore the millions plus 'obama approved and senate certified' hand outs to the lefty appointees running Freddie Mac and Fannie Mae, (who have shown only losses). They ARE allowed to keep MILLIONS in bonuses, since the Congress (which now OWNS them) can do nothing about it...

Check your facts. The Republican Congress (championed by Phil Gram) and the Democratic President (Bill Clinton) removed the restrictions in 1999 that helped create the perfect storm of crap that happened.

This finger pointing that goes on is ridiculous. The root of all this is people in this country got greedy and did stupid things.
 
2010-01-16 05:03:54 PM  
WhyteRaven74: Weaver95: I am continually amazed that former Goldman-Sachs executives aren't sitting in a crematorium somewhere re-elected to the post of Governor of New Jersey, and complaining about Don Imus

FTFY
 
2010-01-16 05:04:46 PM  
The writer is a moron as he seems to almost completely disregard the major role played by the feds.
 
2010-01-16 05:05:50 PM  
tzzhc4: Repealing the Glass-Steagall Act turned out to be a really stupid idea.

THIS
 
2010-01-16 05:06:09 PM  
ScottHimself: ScottMpls:

Why? Americans are too damn lazy to start, let alone participate in a "revolution". It's easier to whine and biatch about the world, than do anything to change it.

While I agree with you on a general basis concerning Americans, I also think it only takes a very small contingent of very angry people with nothing to lose and a bit of organization and direction to drastically reduce the number of responsible Execs still walking around.

I'm not calling for it, but if I was on the jury...


jimberkin.files.wordpress.com

Will this Wildey be able to help?
/(bronson voice) oh yeah, he'll be able to help.
 
2010-01-16 05:07:16 PM  
Tyee: The writer is a moron as he seems to almost completely disregard the major role played by the feds.

The feds had nothing to do with the people in charge at the banks being total idiots.
 
2010-01-16 05:07:49 PM  
"...the important thing looking forward is to stop listening to financiers about financial reform."

This is exactly why we don't let junkies run the rehab.

In fact a lot this has been very close to an addicts behavior.
They have fun, we have to deal with the consciences. They continually engaged in dangerous and risky behavior. They maintain that they "can handle it" when they clearly are consumed by the vice. They tried to hide the effects/behavior.
That makes the Fed a co-dependent enabler (in denial) who is also in dire need of rehabilitation.
 
2010-01-16 05:07:59 PM  
the old rang: Citing one of the major causes of this financial disaster, Barney Frank... Nuttin' we can do about it.

God the right really loves its scapegoats. Should we blame the people that mis-managed the money? No let's blame some guy from the other side of the aisle because he once opposed corrupt legislation.
 
2010-01-16 05:09:57 PM  
These are arguments written in 1987 for keeping Glass-Steagall intact. Is it me or is this pretty much exactly how crap went wrong.:

1. Conflicts of interest characterize the granting of credit - lending - and the use of credit - investing - by the same entity, which led to abuses that originally produced the Act.

2. Depository institutions possess enormous financial power, by virtue of their control of other people's money; its extent must be limited to ensure soundness and competition in the market for funds, whether loans or investments.

3. Securities activities can be risky, leading to enormous losses. Such losses could threaten the integrity of deposits. In turn, the Government insures deposits and could be required to pay large sums if depository institutions were to collapse as the result of securities losses.

4. Depository institutions are supposed to be managed to limit risk. Their managers thus may not be conditioned to operate prudently in more speculative securities businesses. An example is the crash of real estate investment trusts sponsored by bank holding companies (in the 1970s and 1980s).
 
2010-01-16 05:11:07 PM  
Tyee: The writer is a moron as he seems to almost completely disregard the major role played by the feds.

The major role played by the feds was that they let the dogs off the leash. Now the garden is all dug up.

So the feds should leash those dogs again.
 
2010-01-16 05:18:37 PM  
Seize the money.
 
2010-01-16 05:18:49 PM  
The entire wunch (the collective noun for bankers) should be shot
 
2010-01-16 05:21:41 PM  
coco ebert: How many degrees of separation do you think there are between Goldman Sachs and Haiti?

One well-placed W80 on a fault line?
 
2010-01-16 05:25:39 PM  
ScottMpls:

The Feds are as much as fault as the banks, and they are in the same bed, regardless of the O-Man's public "outrage".


I'm not suggesting anything different, but it seems that the private sector's faults were more akin to predation with a touch of incompetence and neglect, while the public sector's were the opposite.

I'm pretty ignorant, though.
 
2010-01-16 05:28:56 PM  
The banker's heads will never go up on pikes.

Never.

Not in a thousand years.

Everyone's been trained very carefully to love and
adore the rich simply because they are rich and for no
other quality.
 
2010-01-16 05:29:44 PM  
Kittypie070: The banker's heads will never go up on pikes.

Never.

Not in a thousand years.

Everyone's been trained very carefully to love and
adore the rich simply because they are rich and for no
other quality.


The problem is the lack of pikes. So, let's get the unemployed people working in pike factories.

/two birds, one pike
 
2010-01-16 05:31:49 PM  
Geez never mind.

Go on joking.

Lick their shoes.
 
2010-01-16 05:40:15 PM  
snuffy: Meet Jamie Dimon, chief executive of JPMorgan Chase, who made millions as a top executive, but because the federal government tried to prevent the huge bonus he stood to receive, he stomped his feet and cried. Now you can help, for just 10 cents a day, you will receive a picture of your executive, standing next to a recently purchased German engineered sports sedan, and maybe even a thank you note, if they have time. Your 10 cents a day can make a difference for an impoverished executive, so won't you please call now.

why do I have flashbacks of a (SNL?) skit about Hockey players when they went on strike? :p
/I know it's not obscure and I'm not the only one...
 
2010-01-16 05:40:56 PM  
Weaver95: I am continually amazed that Goldman-Sachs executives aren't sitting in a jail cell somewhere.

I see. For what crime, exactly?
 
2010-01-16 05:41:16 PM  
ScottHimself: ScottMpls:

The Feds are as much as fault as the banks, and they are in the same bed, regardless of the O-Man's public "outrage".

I'm not suggesting anything different, but it seems that the private sector's faults were more akin to predation with a touch of incompetence and neglect, while the public sector's were the opposite.

I'm pretty ignorant, though.


The feds pumped way too much money into the economy. But we voted out the guys who were running things then. Now there is a new bunch running things. If the new bunch screws up, we can vote them out.

In the mean time, the guilty in the private sector should not get off Scott free.
 
2010-01-16 05:41:29 PM  
they haven't a clue these idiots can't even beat a child at their own game

http://news.bbc.co.uk/1/hi/business/1235304.stm

we've a similar problem with this self important vermin over here in London and whilst our governments have a level of guilt in regards to the crash read Naomi Kliens 'Shock Doctrine' and Elliot/Atkinsons 'The Gods That Failed' to get a clearer idea of how we got here.
 
2010-01-16 05:44:51 PM  
"The writer is a moron as he seems to almost completely disregard the major role played by the feds."

The writer is a Nobel Prize winner in economics. Tyee is slang for a large fish.
 
2010-01-16 05:45:32 PM  
jfsimpson: Weaver95: I am continually amazed that Goldman-Sachs executives aren't sitting in a jail cell somewhere.

I see. For what crime, exactly?


Look into the statutes on "Predatory Lending Practices". Encouraging someone to borrow more money then they can reasonably pay back is not legal.
 
2010-01-16 05:47:40 PM  
Burn98:
Look into the statutes on "Predatory Lending Practices". Encouraging someone to borrow more money then they can reasonably pay back is not legal.


Well, yeah, but let's be practical about this. They had predatory lending practices on such a large scale that it was a major contributing factor to a near-collapse of a world superpower's economy. When you break the law on a massive scale it's not a crime, didn't you know that?
 
2010-01-16 05:49:13 PM  
Burn98: Look into the statutes on "Predatory Lending Practices". Encouraging someone to borrow more money then they can reasonably pay back is not legal.

I'm well aware of predatory lending practices. Which loans were made by Goldman-Sachs that would qualify as illegal? I'll remind you that GS generally does not lend money for non-commercial mortgages.
 
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