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Guy who brought down AIG walks - 4/12/2010 2:30:23 PM

pahunkboy

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http://www.washingtonsblog.com/2010/04/jospeh-cassano-guy-who-brought-down-aig.html

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RE: Guy who brought down AIG walks - 4/12/2010 3:33:32 PM

Fellow

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Some suggest the whole fiasco had to do more with the Wall Street stupidity than with corruption.

http://www.banksterusa.org/content/author-michael-lewis-wall-street-bonuses-are-elegant-theft

Personally, I do not believe it. How can idiots gain such high positions? Very often the criminals loose sense of reality. I think this is a better explanation. They still should be prosecuted.

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RE: Guy who brought down AIG walks - 4/12/2010 3:43:14 PM

Moonhead

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Well, they locked up that Madoff bloke, so nobopdy cares about any of the rest, right? You've been thrown a bone, and the capitalists are doing a great job with everybody's best interests at heart.

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RE: Guy who brought down AIG walks - 4/12/2010 4:29:57 PM

brainiacsub

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quote:

ORIGINAL: Fellow

Some suggest the whole fiasco had to do more with the Wall Street stupidity than with corruption.

http://www.banksterusa.org/content/author-michael-lewis-wall-street-bonuses-are-elegant-theft

Personally, I do not believe it. How can idiots gain such high positions? Very often the criminals loose sense of reality. I think this is a better explanation. They still should be prosecuted.

Believe it. These guys didn't break any laws, although we can all agree what they did was unethical. Tim said something important in another thread recently (don't remember the exact thread) - you can't blame all the people for being idiots when the problem is failure of the system. He was exactly right. It was the systemic failures of our entire financial system that is at fault here. These "idiots" job was to make as much money as possible within a system that enabled them to do what they did. Right before Lehman collapsed, I worked briefly for a very large, successful hedge fund. I was appalled at how inept these executives and managers were at running the operations of a business, but they were for the most part decent, moral people. Ninety percent of people who work in investment banking are recruited directly from the Ivy League schools. What I saw was a very strong sense of entitlement and priviledge that is pervasive in that culture. I once asked a senior executive why they weren't recruiting more seasoned middle managers, and I was told that the reason they recruit so heavily from the top schools is because they expect smart people to figure things out without needing to be "managed." I saw 24 yr olds, 2 years out of Yale developing entire electronic trading platforms without any of the due diligence required. These people were neither idiots nor criminal, but they were doing what they did best within a very flawed system.

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RE: Guy who brought down AIG walks - 4/12/2010 4:38:48 PM

pahunkboy

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Sorta like this board.

Nothing is ever anyones fault.

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RE: Guy who brought down AIG walks - 4/12/2010 4:42:35 PM

brainiacsub