"If you’re a banker today, many who once looked up to you as a success now think you’re evil; maybe you’re even the type who caused the economy to crumble."
Who woulda thunk that Business Insider, of all places, would provide an absolutely perfect and handy primer on the current state of banking and all the reasons you really should be marching on Jamie Dimon's house? And yet here we are! It's a wonderfully comprehensive and quite digestible little textbook on the real and astounding place we've found ourselves.
Yes. Talking headbot Charlie Gasparino really buys the chronic baloney line that the head of Goldman Sachs is concerned about retaining talent if the firm "can't" pay out bonuses because of public outcry. (I mean, "can't?) They don't give a rat's ass about public outcry! And they don't have any problem retaining talent! People are banging down the door to work there, as the company slowly reinflates after its bullshit, made-up layoff crusade of the last year. Where the fuck are people going to work-Lehmann Brothers? Every failed hedge fund in Greenwich? Gasparino presents three alleged "options" for dealing with bonuses, including raising salaries and shrinking bonuses (not going [...]
Congratulations to former Goldman Sachs sorta-honcho Jon Corzine, who's going to skate off somewhere (somewhere pretty far away from his former clients) after he beats the rap on his latest car wreck, accidentally evaporating A BILLION-PLUS DOLLARS of his customers' money at MF Global. Now everybody there is suing everybody there, and Corzine is thinking about starting a hedge fund, but only after he "accepts the invitation" to testify with federal prosecutors. This is the pig who came on board at MF and fired 1400 people right off the bat, replacing them with some obvious incompetents, after a long career of skating by on risky trades and [...]
What's happening at the World Economic Forum in Davos, you ask, because you love to know about moguls? Well, JPMorgan Chase honcho Jamie Dimon thinks bankers are the new rape victims. But that's not all Dimon is spouting off about.
"The three directors who oversee risk at JPMorgan Chase & Co. include a museum head who sat on American International Group Inc.’s governance committee in 2008, the grandson of a billionaire and the chief executive officer of a company that makes flight controls and work boots. What the risk committee of the biggest U.S. lender lacks, and what the five next largest competitors have, are directors who worked at a bank or as financial risk managers." —Good stuff!
The last few decades have basically been about (slowly, and sometimes poorly) chipping away at entrenched secrecy and exploitation by rich people and corporations. To the point where we at least know that certain things happen. For instance, this just in! "The United States attorney’s office in Miami accused Renzo Gadola, the head of RG Investment Partners, an investment-advisory firm in Zurich, of conspiracy to defraud the United States by helping wealthy Americans evade taxes from 2000 through this month." It's notable that Gadola was with UBS for 13 years, not just because "a former senior UBS private banking executive had worked as Mr. Gadola’s partner to help [...]