'In my 15 years in investment banking, I was fortunate to meet a lot of smart people. I don't think I ever met a single 'genius' though'.
I'm with you. I have worked in the financial markets industry for 14 years, and while I am certainly not rich, I have managed to pay my mortgage every month. Maybe if I'd skipped a few mortgage payments, someone would be bailing me out'.
'Having been a Wall Street mortgage trader in the '80s, I understand your feelings and agree that bankers are easy scapegoats. And all the back-office personnel and the salespeople who actually make the street work are going to suffer the consequences of the mismanagement of these businesses. That being said, the US has lost its moral compass over the last few years. We are finally realising that greed is not good'.
'The collapse of the finance industry has more to do with Congressional interference and social engineering, and with the ridiculous 'mark-to-market' rules for 'retained securities'. True, a few people made the situation worse, but the main drivers were Congressional interference and social engineering'.
'Just another top-down management failure. Cheap money leads to excess and blow-up every time. We never learn our lessons'.
'The good news is that TARP monies are still available to the Street. The bad news is that we'll now have to pay union dues to the newly-organised Amalgamated Brotherhood of Quants, Modellers and Pressers'.
'It's time to start throwing those responsible in jai!'.
'Claiming that this current downturn is like the Great Depression is just another example of bosses absolving themselves of blame. A lot more of these guys need to fall on their swords'.
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