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Guest Post: Rating Agency Scandal - SEC Chooses Remedial Over Preventative | zero hedge

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Guns don't kill people, Bankers do.

like a vague feeling of deja-vu...

Bloomsberg.com reports that the church of the Holly Free Market fears for its future and might be on the way to adopt the Bumper-sticker slogan of NRA supporters. (Guns don't kill people, people do).

Great Priest Henry Paulson (You might remember him. He had an alibi-job as US Treasury secretary at some point) testified to US Congress this summer that massive public money spending has been necessary to keep the faith in the Invisible Hand alive.

As bonus season is near, Bloomberg reports that nervous Goldman Sachs executives are arming themselves and applying for gun permits ahead of the holidays for fear of the public's reaction once they start receiving their year-end rewards.

Columnist Alice Shroeder reporting that Goldman banker are stocking up on ammo sounds like blast from the past: it’s the spirit, it’s the wild west, it’s the cowboyz, … dude… it’s the vibe….

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ahD2WoDAL9h0

An uncanny parallel with the monks of the Dark Ages barricading themselves in their wealthy monasteries in fear of the barbarian invasions.Today's bankers are in fear of public assault but

"The last thing they want is to be so reasonably paid that the peasants have no interest in lynching them…".

Guilt free did we say?

What a better topic than Germs to complement the Gun theme. We had overlooked this beautiful story of compassion, sacrifice and ethics:

Back in November the Guardian reported that Wall Street bankers were at the front of queue for scarce swine flu vaccine:

http://www.guardian.co.uk/business/2009/nov/06/wall-street-bankers-swine-flue

It’s a gem.

“Goldman Sachs, Citigroup and Morgan Stanley were among the first employers in New York to receive shipments of the widely sought after H1N1 antidote from public health authorities this week, prompting furious attacks from political critics who claim bankers are getting privileged treatment.”

Just like the aristocrats were trying any possible tricks to avoid the plague at the expense of the commoners.

{ NKN, LF_O }

 

 

 

The End with Michael Lewis

The End with Michael Lewis

Michael Lewis first came to attention in 1989 with his best seller Liars Poker about his life as a bond saleman with Saloman Bros on Wall Street and their role in developing a market for mortguage bonds. An art historian with an economics degree from the London School of Economics, his writing has always been about identifying and exploring the emergence of trends and their implications - Moneyball, (baseball) the Next Next Thing (the internet); Next: The Future Just Happened (the digital world) and the Blind Side (American football) are all impeccably researched and shine as works by a writer for an eye for the nuances of the history of business and markets. Here is a link to his latest article - the End.

At last, an essay that makes sense of the incomprehensibility of what has occurred on Wall Street and the role the investment banks and their leaders have played in this period of unmitigated greed and as Lewis says in play English - lying to themselves, their associates and anybody who was willing listen. I am sure this article will be the first of many exploring the circumstances we find ourselves in. However Lewis plain English brings home the enormity of the fraud perpetrated by the investment bankers of Wall Street and their associates the rating agencies. Do yourself a favour and read the article and wonder how it could all happen.

Too big to care

 

An iPhone photo: Tip of Manhattan

A section of lower Manhattan that connects to Wall Street.

Elizabeth Warren on the Economy

How To Fix Wall Street? Step 1: Break Up Goldman Sachs (Video)

#FLASHBACK Biggest fail in HISTORY!!! #FAIL #TooBigToFail #tarp #bailout #WallStreet

FLASHBACK (circa 1977): A rag tag group of freedom and liberty loving, peaceful individuals have been backed into a corner, facing insurmountable odds when an out of control Empire threatens to destroy their ENTIRE PLANET with the most powerful weapon ever constructed.

In the face of imminent defeat, after missing the mark several times already and suffering heavy losses, a single tactically ingenious maneuver by a previously unknown rookie, with an assist from a well known, highly experienced associate, lands the shot of the millennium, completely destroying the flag ship of the Empire!

Putting to rest once and for all the Empire's recently invented slogan, "Too Big To Fail".

To be continued...

We should be asking Congress, "Now what did you learn?".

Join me on www.TWITTER.com/s3d1t0r

Wall Street Traders Have H1N1 Vaccine

He who has the GOLD makes the rules... need some H1N1 vaccine ? Better head to Wall Street... there is a report that was released today that some financial institutions received more vaccine, than some hospitals. More to come...