Posts Tagged ‘Wall Street’

Catching Up On Some News

Wednesday, July 31st, 2013

Manning verdict: not a surprise. The aiding the enemy charge was ridiculous (is the enemy a reader of the Times and the Guardian?). 10-15 years seems like the right sentence, but they’ll probably give him 50 years plus to show they can.

Fed Chair search: Larry Summers has been so wrong so many times about so many things, not to mention a thriving sexist on the Wall Street dole, so he shouldn’t be nominated. Janet Yellen seems like just the sort of competent professional Fednik you’d want, particularly after the disasters that were Greenspan and Bernanke.

Wall Street commodities manipulation: Quelle surprise!!! Until bankers have a well-founded fear that they will lose both all their personal assets and their freedom, we’ll continue to have this sort of crime disguised as arbitrage.

Pope can handle gays: So what? The criminal enterprise he runs remains deeply homophobic and misogynistic. Nice to care more about the poor, but not when you surround yourself with amoral pygmies whose anti-contraception campaigns have done as much as any government to keep people poor.

Failed state tour d’horizon: Egypt should be holding elections right away, and the US should be cutting off military aid until the military ceases to be the real power in the country. Iraq and Afghanistan look headed for civil war once we finally get out. Pakistan continues to disintegrate, and there’s not a lot we can do about it. A caliphate in Central Asia isn’t in our interests, but when has Central Asia ever been in our interests?

Middle East peace: Another sham round of talking about talking, to be followed by more illegal settlements and Hamas trying to get control of the West Bank. 65 years of this nonsense demonstrates clearly that the US has zero interest in whatever outcome the two sides don’t believe in.

Another summer and fall of watching the Know Nothing loons strut their stuff to the detriment of the country and the world.

Gorilla says: “At the moment, the snoozeometer is set on stun!”


One Impunity From Column A, No Justice From Column B

Tuesday, March 12th, 2013

The SEC, having more or less failed in its regulatory mission for more than a decade, now talks about customizing punishments for the Wall Street crowd.

It’s great to ban obvious fraudsters from further work in the securities industry, but what’s needed is prosecution of the senior management and boards of directors who made such fraud standard operating procedure.

So far, a few fines and slaps on the wrist have not changed the Wall Street culture.

The prospect of prison time, together with the seizure of personal and corporate assets, is the only way these crooks and their shareholders will understand that the government means business.

Gorilla says: “You must believe the golden parachute will not open, all else is a waste of time!”


When The Same Idiots Stay In Charge

Friday, January 13th, 2012

Housing bubbles are missed, the Eurozone faces contagion, and nothing at all is being done about unemployment.

Not that this is anything new, but what’s frustrating is that no one is being held accountable for anything.

The superior officers of urinating marines, Fed governors, Wall Street financiers: you name ’em and they’re getting a free pass.

Gorilla says: “When there’s no punishment for being craven, craven becomes the new normal!”


A Crook Buys His Way Out

Thursday, December 30th, 2010

Yet again, a wealthy hedge fund manager engages in criminal behavior and is allowed to walk after a payment of $10 million.

This time, it’s the Administration’s former “car czar”.

The revolving door of corruption between Washington and Wall Street continues.

There’s zero accountability and the pervasive sense that the rule of law doesn’t apply to rich people who can afford to hire lawyers to drag out trials for years.

Unless criminals like Rattner have a clear understanding that they will lose their freedom and their wealth, there’s very little hope of improving the way business is done on Wall Street.

Oh, and by the way, it would be nice to close the tax loophole that sees crooks like these pay lower tax rates than almost anyone else in America.

Fat chance of that happening so long as the Know Nothing Party is back in power.

Gorilla says: “Guess he wouldn’t really rather have a Buick!”


Know Nothing Nothing

Tuesday, April 27th, 2010

The financial reform bill is stalled, thanks entirely to the Know Nothing Party…

So, a compromise will be reached, and a nothing bill will be passed.

The point of financial reform is to be seen to be tough on Wall Street, without actually correcting any of the practices that led to the mess we’re in.

There’s nothing here of substance about bank size, derivative transparency, or genuine consumer protection, but at least Americans are now aware that only one political party is serious about protecting Wall Street’s interests.

Gorilla says: “The shitty never sleep!”


No Form For Reform

Wednesday, April 21st, 2010

Simon Johnson has made the case for some time that breaking up the big banks is the best way for America to get control over Wall Street.

And who can disagree?

Well, pretty much everyone who matters in our political leadership. There’s no stomach whatever for really taking on the big banks, either through forced downsizing or, as Paul Krugman would have it, tougher regulation aimed at making financial services more like the boring, profitable, plain vanilla sector it was from 1945-1980.

What we’ll get is a bit more regulation, a bit more “resolution authority” to wind up big domestic banks that get in trouble, and, as Johnson points out, absolutely nothing on the far more important issue of reining in cross-border banking. The banks will continue along their merry way until the next big bubble bursts.

Nobody in Congress likes what Wall Street has done, but everyone in Congress likes Wall Street money. So what matters in an election year is to be seen to be doing something, but not too much.

That’s why the Know Nothings, having realized a bit too late that there’s no political advantage to be had from defending the banksters, will go along with some sort of bill, and the President, thrilled at last to have some bipartisanship, will make sure the bill is watered down sufficiently as to be meaningless.

Gorilla says: “Wall Street is selling CDOs on the spoons we still haven’t hidden!”


How Did Lehman Brothers Die?

Friday, March 12th, 2010

It was run by crooks who gambled and lost.

Gorilla says: “Life’s not all that complicated on Wall Street!”


Oversight? No Sight!

Monday, March 8th, 2010

The financial reform bill is dead in the water, and it’s just as well.

The problem isn’t that the system lacks regulation, the problem is that the regulators didn’t do their jobs properly.

There’s no evidence they’ll do any better next time, and no willingness on the part of Wall Street’s captive legislators to take the banks on.

So, we can all start waiting around for the next bubble to burst: dollar carry trade, Chinese real estate, currency default swaps, or whatever it is our valiant regulators continue to ignore.

Gorilla says: “The rich man has already passed through the eye of the needle into deregulated heaven!”


This Week’s George T. Platter And Bait

Thursday, February 11th, 2010

The tidetime folklorist wonders whether not begrudging will have a bigger impact on unemployment than say not apologizing.

The Platter: Sorry/I Ran All The Way Home by the Impalas (do they still make those in Detroit?)

The Bait: The Heddon Meadow Mouse (currently cavorting unapologetically in the White House garden)


Bubble Away!

Wednesday, September 23rd, 2009

The Fed leaves cheap money in place, while the Administration backtracks yet again from serious regulatory reform.

Message: This time it’s ok, next time it’s ok! Oh, we’re angry about the pay schemes and the massive taxpayer bailout, but we don’t intend to bite the hand that feeds us!!!

Gorilla suggests: “Cancel my order for plain vanilla, I’d like tutti frutti carry trade with extra hedging please!”