Thursday, March 15, 2012

The Incessant Whining of the Rich - Don't Blame Yourself Edition

"Guess what? I've made a lot of money." - Mitt Romney
You can't be a Rich Person in America without a False Sense of Entitlement and a conscience unladen by blame.

The Wall Street Hedge Fund Managers and Bank Executives knew they were "pulling a fast one" but, instead of stopping their negligent gambling all involved thought, 'Just let me pull off one more rigged hand, let me swindle one more million before the bottom falls out. Let the other guy get stuck with the bill. Let the little people clean up the mess.'

And that's what happened.

Remember the size of the mess the Deregulating Republicans and their Wall Street Masters left us with,
Add up guarantees and lending limits, and the Fed had committed $7.77 trillion as of March 2009 to rescuing the financial system, more than half the value of everything produced in the U.S. that year. It dwarfed the Treasury Department’s better-known $700 billion Troubled Asset Relief Program, or TARP.
After crashing the economy, the one thing no Wall Street Executive would do was take blame.

Well, Greg Smith, a former Goldman Sachs mid-level executive, revealed the inner-workings and attitude of the Criminal and Evil Bankers,
Today is my last day at Goldman Sachs. After almost 12 years at the firm — first as a summer intern while at Stanford, then in New York for 10 years, and now in London — I believe I have worked here long enough to understand the trajectory of its culture, its people and its identity. And I can honestly say that the environment now is as toxic and destructive as I have ever seen it.

To put the problem in the simplest terms, the interests of the client continue to be sidelined in the way the firm operates and thinks about making money…It makes me ill how callously people talk about ripping their clients off. Over the last 12 months I have seen five different managing directors refer to their own clients as “muppets,” sometimes over internal e-mail….These days, the most common question I get from junior analysts about derivatives is, “How much money did we make off the client?”
Wall Street is already figuring out how to smear Smith for pulling back the curtain. Conservatives are rapidly ignoring any news of this revelation because it's coming from the Lame Stream Media and doesn't fit the bullshit narrative they absorbed from Republican propagandists.

Wall Street and their Republican dogs tried the Reagan tactic of "Blame the Government". Too bad fuckers, it didn't work this time. People know the Right-Wing push to deregulate Wall Street and the Republican hands-off approach to financial crime was what allowed Wall Street to accomplish the biggest theft from Hundreds of Millions of Americans. There's a club. You're aren't in it.

I'll never understand how Reagan got away with his whole government sucks rhetoric when he was president of that government.

However, this isn't the case of just one bad division or even one bad firm (Goldman Sachs) butis the pervasive culture of the entire Modern Banking/Wall Street Industry
JPMorgan Chase & Co. took procedural shortcuts and used faulty account records in suing tens of thousands of delinquent credit card borrowers for at least two years, current and former employees say.

The process flaws sparked a regulatory probe by the Office of the Comptroller of the Currency and forced the bank to stop suing delinquent borrowers altogether last year.

The bank's errors could call into question the legitimacy of billions of dollars in outstanding claims against debtors and of legal judgments Chase has already won, current and former Chase employees say.
It's disgusting the malfeasance, chicanery and outright fraud Banks got away with during the Republican Deregulating Era.

Bankers are to blame? Who us??? But, you can bet conservatives are still swallowing the Big Lie that Poor people, Fannie & Freddie and Barney Frank are responsible for the Republican Wall Street Recession. Even though private sector loans were responsible,
During those same explosive three years [2004-2006], private investment banks — not Fannie and Freddie — dominated the mortgage loans that were packaged and sold into the secondary mortgage market. In 2005 and 2006, the private sector securitized almost two thirds of all U.S. mortgages, supplanting Fannie and Freddie, according to a number of specialty publications that track this data.
But, being a Rich Plutocratic Job creator means never blaming yourself.

1 comment:

Sarge said...

I worked as a motrgage loan originator - When you called Money Tree - I answered. The fuckers were
doing sub-prime loans to people who shouldn't have been given a loan but owned the property - 125%
of the assessted property value was
available. I had suspicions as there was like a almost monthly change with the BIG dude in charge.
Then, I got one in Indianapolis. I did the credit check and got tem approved and ordered the appraisal.
The appraisal came back days later-
way too hign for a dweeling in that area. They were inflating the values on the homes and offering loans on more than what the structures were worth. Then, they bundled the bad paper and sold it.

HSBS, Country-Wide and the damned crooks that ran them ruined our economy.

I bitched about the loan and days later I sensed it was time to quit before I was fired.

The HSBC complex in Carmel became a vacant building the day the bubble burst. But, I assure you -
those HSBC big wigs made a fucking