Monday, May 21, 2012

Just So We're Clear

It is not often you stand witness a significant piece of history. I believe we are spectators right here and now to a monumental event in our country's history. It is the sum of many many parts too numerous to mention but you know them if you've been following events here.

I want to be upbeat, I want to be positive but I continue to look at facts that completely and utterly quash this position. I believe the fraud, the corruption are so endemic as to render our system almost beyond repair. I say this as I believe those in charge realize this quite clearly and are stealing anything and everything that is not nailed down as they realize the ship is sinking.

Check out this Bloomberg story detailing how the JPMorgan Risk Chief Said To Have Trading-Loss History.  Yes the financial terrorist in question, Irvin Goldman, risk chief at JPM was fired back in 2007 by Cantor Fitzgerald LP for money losing bets that resulted in regulatory sanctions at the firm. Read the Bloomberg piece as its an eye opening

This begs the question, so how, after pulling the stunt he pulled at Cantor, can this Goldman character find work again you must be asking, right? I mean, gotta think a loss like that would be a career finisher, right? Well, on Wall St. you'd be wrong because on Wall St. a move like that gets you noticed, it gets you a Tim Geithner-esque promotion. --Sidebar,  remember now, Tim Geithner was head of NY Fed which was charged with policing bank ops in its jurisdiction (Wall St.) when Bear and Lehman blew up to which instead of being fired and ridiculed as incompetent he was (in my opinion to keep his mouth shut) rewarded with a promotion, but I digress.-- Guess it doesn't hurt to pull a lucky sperm club, get out of jail free card out (have a brother-in-law pulling for you) when you need it.  I have not had the time to do a formal investigation but I would hazard a guess that were a doctoral student to do a paper looking deeply at all the financial terrorists who took part in blowing up Bear Stearns and Lehman Brothers, in peddling toxic paper that has infected pension portfolios across the globe that you'd find them still employed on Wall St..... just waiting to blow up.  

I made a plea sometime ago in the post Still Wondering Why I Rail on Ivy League MBA's? which you can take a minute to re-read if you like. Here is a quick snippet of what I wrote then:

"At what point are some adults (how about law enforcement for starters) going to start recognizing the lucky sperm club, trust fund holding, lvy League MBA carrying cockroaches designing these financial cocktails are terrorists and must be stopped.

These financial innovators are nothing more than financial terrorists planting explosives on America's corporate balance sheets. Remember this the next time some shallow, make-believe pundit, like Altucher did this morning, comes on CNBC and tells you corporate America's balance sheets are flush with cash.

Are you still wondering why I rail on these Ivy league MBA's running around like cockroach versions of Dr. Frankenstein?

Nothing has changed and I make the plea yet again here today. Trust and confidence in the system is absolutely paramount for the system to function. Trust that when fraud and malfeasance are occurring it will be prosecuted, the perpetrators brought to justice and punished accordingly, their ill-gotten gains disgorged. Without doing so you get a free-for-all, anything goes type atmosphere we are now all witness to.

I yet again, implore the widely viewed elders statesmen of corporate America, the ones invited on financial television to opine regularly. Men like T. Boone Pickens, Ken Langone, Steve Wynn, Wilbur Ross, the list goes on and on. Do you not see what is going on? Don't insult me and tell me you don't because even with my room temperature IQ I can see it. These people are literally destroying the confidence and trust in our financial system. I believe the very foundation that supports our financial system has been hijacked by these financial terrorists for their own personal benefit. Do you not realize there will come a point of no return? Do you not care?

We can take the system back from the crony capitalist thugs but it takes a huge order of onions to do so. It may also involve taking down men you consider your "friends", but are they really friends when they are destroying the capital markets system that has been in place so long. My personal opinion is the issue of 'friends' is the core issue as to why the Langones, Pickens, Rosses et al. refuse to acknowledge what is going on because so many of the perpetrators I am calling financial terrorists are their friends and close associates.

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