Wall Street is up to its bad self, again.
SAN FRANCISCO (MarketWatch) — You’d think after bringing the global economy to its knees just a few years ago, Wall Street would clean up its act.
That would be the safe trade: enact reforms internally, lower risk and play by the rules, lest new rules be forced upon the industry.
But why be safe when you can bet big and get rich?
What’s happened instead is the opposite. If anything, bankers and brokers defiantly have hardened in their quest for bigger and bigger paydays. Wolf of Wall Street? What we’re seeing is a pack of wild dogs that continue to use any means necessary to line their pockets no matter the fines, convictions and settlements that regulators throw at them.
Consider that, in just the past week, a trader convicted of fraud cited his bank’s bonus culture as motivation behind his crime; a major investment bank was accused of failing to live up to its own promise to root out cheaters from its trading systems; and three powerful, too-big-to-fail institutions have ramped up the use of risky derivatives to goose returns.
Let’s begin with the trader. John Rusnak was a currency trader for the U.S. arm of Allied Irish Bank PLC AIB, -3.39% when he made a series of bad bets that cost the bank $291 million. He was convicted in 2002 for unauthorized trades and served five years in jail. This week he told a radio station that Wall Street’s bonus culture created a huge incentive to make the bets and that, for supervisors, profit was “always a reason to look the other way.”
http://www.marketwatch.com/story/wall-street-is-up-to-its-bad-self-again-2014-09-18
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The system is so broken that it can not be fixed, the folks in charge of fixing the system, Congress, will not do it because Republicans are in on the fix, or lack thereof.
Just another reason for the 60% who will not vote in the midterms to do a little navel gazing and just do it.
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look like a schoolyard bully. These fuckers truly want to destroy the world in the name of their own untrammeled greed. There needs to be a march to the guillotine for the most egregious of these assholes followed by repatriating every dime of what can be found that they have stolen in the last twenty years and selling their families into slavery in Dubai. Nothing else seems to work on these parasites, maybe that would have a deterrent effect in the future.
Harsh, I know, but it is the super-rich who are putting the rest of society in what is rapidly becoming a kill or be killed situation. And they will never concede a thing.
As JFK once said, those who make peaceful revolution impossible make violent revolution inevitable. I do not want or advocate violent revolution but the .01% are literally begging for it at this point.
