Look what we smart bankers have contributed to the current crisis
Here is an article I just read:
"God forgive me for the thoughts I’m having this morning.
I’m just wondering how they feel today, all the analysts and brokers from the financial institutions who are now being punished for the profligacy, stupidity, greed and wishful thinking of their masters. How they feel as they dust off their resumes and try to put the pieces back together in a world flooded with needy drifters just like them.
Do they feel like all my friends in years past who were downsized as a direct result of the kind of advice the Street gave to a variety of senior managers facing the issue of forced, quarter-to-quarter growth?
Do they feel like my pals at our former cable division, which was divested, in an act of completely moronic short-sightedness, when people like them decided that businesses who throw off cash flow but lower earnings per share were not worth keeping?
Do they feel sort of like the folks subsequently laid off from the corporation when, without that cash flow, it could no longer make the payroll it had once been able to support?"
Here is the full artible: http://searchvalue.blogspot.com/2008/09/maybe-all…
Since most of the people on this site are either current bankers or people trying to get into banking, why post an "artible" that just brings us down?
Most of the bankers I met were great people who really did work hard to get where they were. It's unfair to categorize all bankers as greedy, stupid individuals who ruined the economy. The analysts at Lehman/Merrill/MS/etc have absolutely nothing to do with the housing markets and over-leveraged banks. Have a little compassion for all those who lost their jobs.
government is at fault, first and foremost.
Let's not forget those 200,000+ people who overstated what they made in order to get loans for huge ass houses because they felt they "deserved" them. Not saying I'm 100% on either side of the fence, but I do think its unfair to place the full blame on Wall Street
Yeah, there's blame to go around.
Yeah, there's blame to go around.
its greenspans fault, yet someone not even death can reach him...
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