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Bankster of the Day

Wall Street: "Hands off our entitlements!":

Meanwhile, around the corner, Larry Meyers and Gerard Novello, who work for an Italian securities firm, ducked into a Mexican cantina for a drink. It was Mr. Meyers’s 43rd birthday, and he ordered the tequila.

“On Main Street, ‘bonus’ sounds like a gift,” he said. “But it’s part of the compensation structure of Wall Street. Say I’m a banker and I created $30 million. I should get a part of that.”

Er, no. Clue stick, Larry:

You didn't "create" a fucking thing. People who have real jobs, people who make stuff -- whether it's cars, or steel, or computer code, or pizzas, or or even blogs -- they are the ones who create. You just pushed some pieces of paper around and took a cut. You're just a parasite, and about as creative as a mosquito.*

NOTE * To be fair, mosquitos do create disease by injecting micro-organisms into the bloodstream of their hosts.

NOTE The title is, of course, a take-off on a long running series by Lord Eschaton.

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pie's picture
Submitted by pie on

suppose you help to lose 30 million or 300 million or a few trillion?

What then? Oh, the taxpayers bail you out and pay you a bonus because you're so lovable.


Submitted by Paul_Lukasiak on

People like Meyers did create "money". Money itself became a commodity, and by creating new "investment instruments' based on pre-existing securities, loans, etc, and then siphoning off fees from those instruments, new "money" was created by those fees.
The fact that the net result was an economic meltdown does not mean that money was not (and is not) created.
The key here is that money (and debt) became a commodity -- despite both money and debt being abstractions represented by pieces of paper. What actually happened is that more of those pieces of paper (or, in our modern era, electrons devoted to acting as pieces of paper) were created, and thus more "wealth" was created.
the other issue here is that its true that bonuses are part of the compensation package for a very large percentage of workers in the finance industry, and denying most of these workers of their bonuses is (very) roughly equivalent to denying waiters their tips. The fact that in general, financial industry workers are overcompensated is relevant to some extent -- but then again, so are lots of waiters. (Waitresses at Denny's work a hell of a lot harder than those at Spago, bu make a whole lot less money.)

Salmo's picture
Submitted by Salmo on

What that banker did was create an instrument that pretended to earn a share of the actual goods and services our society uses. In fact, by inflating the "money" supply, he diluted the wealth of the rest of us. They made a bubble so most people wouldn't notice the expanding claims on the pool of resources. Eventually, the financial games popped the bubble or maybe it just got too top heavy, and the inflation collapsed. But the banker still gets to keep the "share" he invented. Amazingly, the financial industry demands additional resources or they will wreck even more.

pie's picture
Submitted by pie on

From Susie Madrak via Avedon:

SAO PAULO — General Motors plans to invest $1 billion in Brazil to avoid the kind of problems the U.S. automaker is facing in its home market, said the beleaguered car maker.

According to the president of GM Brazil-Mercosur, Jaime Ardila, the funding will come from the package of financial aid that the manufacturer will receive from the U.S. government and will be used to “complete the renovation of the line of products up to 2012.”

“It wouldn’t be logical to withdraw the investment from where we’re growing, and our goal is to protect investments in emerging markets,” he said in a statement published by the business daily Gazeta Mercantil.

Our tax dollars at work, citizens. Aren't there ANY provisions to keep the money IN THIS COUNTRY???

Now where did I put that guillotine.

kelley b's picture
Submitted by kelley b on

Have you all been following the stories over at Deep Capture?

If the whole economic nightmare seems a bit surreal in its criminality, it's because it basically is. There is nothing like pure, existential evil. These people have done a good job at starting with the big names you know and following out just how deep the rabbitholes go.

We are all so screwed... by the same people who've been screwing us for decades now.

Submitted by jawbone on

think are important, give good summaries, etc.? I went over, and there's loads of stuff. One of the writers mentions Mother Jones strongly dissing the blog as doing poor investigation, 4 out of 5 tinfoil hats or something.

Have you found other econ sites using this site?

Noted that the funder for the site spoke about "naked" sales in 2005, very early on.

Just trying to get a handle, so would appreciate some more input. T/U.

kelley b's picture
Submitted by kelley b on

As Lambert could tell you, any links I endorse will come with my patented tinfoil perspective, which is that there are people out there who really want to re-make the world into a patchwork of post-industrial feudal states.

Dr. Byrne and his associates merely think that the global economic conflagration is the work of organized criminals. A somewhat smaller but quite well reasoned hypothesis in my book.

You'd best start here, where Byrne has the whole story organized into an outline form.

From Madoff to Michael Milken and Ivan Boesky, the threads lead into the Italian and Russian Mafia, into players involved in the Iraqi wars, all the way back to BCCI.

This kind of stuff needs to get out. We need the entire lefty blogsphere digging into this, naming names, making connections. These people aren't just out to make an obscene amount of money. They're out to fundamentally change society as we know it.

Bu$hie's Ba$e at Goldman-Sachs (and elsewhere) now also own the Democrats down to the fillings in their teeth.

Anyone who thinks things are just gonna get better now the Republicans are gone isn't paying attention.