Last week I admitted that I got nuthin when the latest developments in financial reform were announced. The picture is bleak in regards to any oversite.
Today we have further developments and I have to say once again … I still … got nuthin.
Apr 27 2010
I saw Krugman on the TVeee over the Weekend. Something he said, made me think the Goldman Email Gate, was a big Mis-Direction.
So I decided to follow up on that hunch; I took to the Intertubes, and began to follow his trail of breadcrumbs …
Berating the Raters
By Paul Krugman, NYTimes — April 25, 2010
No, the e-mail messages you should be focusing on are the ones from employees at the credit rating agencies, which bestowed AAA ratings on hundreds of billions of dollars’ worth of dubious assets, nearly all of which have since turned out to be toxic waste. And no, that’s not hyperbole: of AAA-rated subprime-mortgage-backed securities issued in 2006, 93 percent – 93 percent! – have now been downgraded to junk status.
What those e-mails reveal is a deeply corrupt system. And it’s a system that financial reform, as currently proposed, wouldn’t fix.
Nov 27 2009
Wall Street is sick. And its illness is Unchecked Greed. … The bug is call OPM.
Their fever has risen so dangerously high, that the Wizards of Wall Street, the Captains of Industry, for the most part see your assets as their “playing chips”.
Your Money, is their Bread and Butter.
Exploiting and Levering OPM (Other People’s Money) is the key to their Extreme Wealth.
This contagion on Wall Street has reached such a point, that one of those “Captains of Industry” has been speaking out against it. He has been working to “right the ship” of speculative, reckless investing, using our OPM, as the collateral.
Jack C. Bogle, founder and CEO of the Vanguard Group, is one of those “old school” investors — you know, that we should be “investing in a better future“, NOT just a “better bank account“.
Jack has listed the symptoms of this wide spread illness — NOW if only we could find some “Doctors” wise enough to quarantine the Damage …
The Damage unregulated greed has done … before they try to “go for broke” AGAIN …