A WWJ headline last week reported that The Wall St. Crises Has Ebbed. Today, 10/22, the NY Times Business Page headline proclaimed - Who Gets Paid What - because of a renewal of soaring compensation as a function of bailouts and free risk capital from taxpayers. Now the compensation crises is over for Wall Street - thank god - while real unemploymen (human financially cancelled lives) climbs to over 15%.
Regulators continue to be the same individuals who failed to curb the sales of financially contrived 40-1 leveraged derivatives that were described as, "Too Complex To Explain." Based on existing SEC and Fed regulations it is a severe violation of the regulations to have sold any complex financial products which could not be fully explained well enough to be properly understood. Important regulations to protect the public and markets have the force of law behind them; therefore, in my opinion after 40 years in the securities business, the law has been broken. Congress has not called for the Attorney General to appoint a special prosecutor; and the SEC has not investigated a terrible breach of their own regualtions; and the Chairman of the Fed as well the the Secretary of the Treasury have refrained from any call for investigation as well! (This is what Swindled is about.)
Elizabeth Warren said today on Morning Joe that regulators were too cozy and too impressed with the success of the people (based on their huge incomes) who ran the Banks and Investment Banks. Elizabeth Warren has demonstrated the guts and insight, as well as a concern for ethics and humanity (that so few seem to have) and should immediately be appointed Secretary of Treasury. She has no conflicts and no ties to Goldman Sachs!Paul Volcker whose track record of prescient good and independant judgement has earned him the right and need to be listened to about Wall Street, and especially the Banks - because they are now one and the same.
Elizabeth Warren said today on Morning Joe that regulators were too cozy and too impressed with the success of the people (based on their huge incomes) who ran the Banks and Investment Banks. Elizabeth Warren has demonstrated the guts and insight, as well as a concern for ethics and humanity (that so few seem to have) and should immediately be appointed Secretary of Treasury. She has no conflicts and no ties to Goldman Sachs!Paul Volcker whose track record of prescient good and independant judgement has earned him the right and need to be listened to about Wall Street, and especially the Banks - because they are now one and the same.
Schapiro, Summers, Geithner and Bernanke, (may all be brilliant and nice people) were all there cheerleading deregulation (based the closet greed of the bogus economic theories of Financial Darwinism) or sitting on the sidlines while the barriers against greed were gutted and torn down - AND REGULATIONS WERE CLEARLY BROKEN on their watch!
All have been elevated to new positions of power and influence although it is clear they exercised egregiously poor judgement in the past. In the face of no meaningful new regualations - only Paul Volcker is speaking out in recognition of the need to rebuild Glass Steagall and The 1956 Bank Holding Company Act. The SEC, now led by Schapiro of NASD/FINRA fame; the Treasury, now led by Geithner, former Vice Chairman of the Fed; Summers, Obama's chief economic advisor a fervid devote of the Chicago School Economic Theories based on human rationality; and Bernanke still in the same job as Chairman of the Fed - did nothing from the inception of our financial holocost (caust) and joined the claim offered by Wall Street that they did not recognize all the risk. Remember - this is just like it was claimed that no one even guessed Madoff was a swindler although his contended returns were were worse than implausible, even to the naked eye! Now, retrospectively, the brilliant Greenspan has admitted that he did not understand the "too complex to explain" althought he said it is fair to think he knows alot about math. Greenspan also believed in the bizzare notion that the Market is Rational - where is the historical empirical evidence of man's rationality?
The Rational Market hypothesis is proof of Man's irrationality or is it proof that Man will fabricate any reason to justify allowing self-interested greed to take advantgage of the many for the few swindlers willing to exploit their victims. This exploitation took place globally.
Today it is obvious that size is toxic - Volcker knows. This fact becqme self-evident in the aftermath of the "Great Depression." And once again, lies that size is necessary to compete globally are being advanced by Wall Street to maintain and support their unbridiled and unfettered (unrestricted) self-interested Greed. Think about Billions and Billions of bonuses and cash getting set to be paid out for highly speculative risk supported by taxpayer capital! Support Paul Volcker, write letters to Congress, get new people with historical judgement and ethics, people without ties to Wall Street and Goldman, to frame new legislation to stop all the Greed which is still alive and well. And help me find a way to get the best book about how this really happened and what to do about it into the public domain.
Today it is obvious that size is toxic - Volcker knows. This fact becqme self-evident in the aftermath of the "Great Depression." And once again, lies that size is necessary to compete globally are being advanced by Wall Street to maintain and support their unbridiled and unfettered (unrestricted) self-interested Greed. Think about Billions and Billions of bonuses and cash getting set to be paid out for highly speculative risk supported by taxpayer capital! Support Paul Volcker, write letters to Congress, get new people with historical judgement and ethics, people without ties to Wall Street and Goldman, to frame new legislation to stop all the Greed which is still alive and well. And help me find a way to get the best book about how this really happened and what to do about it into the public domain.
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