Sunday, March 29, 2009

Bunch Of Rocket Scientists

In this post from early January, I wrote about the myth of Wall Street genius and its role in the current mess. Take a look at this letter from the Security Traders Association of New York (STANY) to the Senate Banking Committee. In addition to an overall writing style that's straight out of eighth grade, note mistakes that include the incorrect spelling of Obama's name.

I've been to STANY events. They felt like a cross between the after-work bar scene at TGI Friday's and Saturday Night Fever.

I think it's important to understand Wall Street culture beyond the basic monetary motivation, if only to get a better idea of who's benefiting from the rest of the country's tax dollars.


Anonymous Anonymous said...

A combination of mathematicians and physicists in the backroom, flimflam salesmen or naive, hungry college grads regurgitating a well-tested corporate script on the frontline, and leadership that stirs it, uses it, and puts their stamp of approval on it. imho, it is more sad Republican BS (I mean no offense to good folks who believe in true Republican principles) that people will only work for large, "Wall Street large", wads of "compensation". If all that is offered is millions, for sure you aren't going to get the cream, more like the creepy and unethical.

"I read this article a while back, that said that Microsoft employs more millionaire secretary's that any other company in the world. They took stock options over Christmas bonuses. It was a good move. I remember there was this picture, of one of the groundskeepers next to his Ferrari. Blew my mind. you see shit like that, and it just plants seeds, makes you think its possible, even easy. And then you turn on the TV, and there's just more of it. The $87 Million lottery winner, that kid actor that just made 20 million o his last movie, that internet stock that shot through the roof, you could have made millions if you had just gotten in early, and that's exactly what I wanted to do: get in. I didn't want to be an innovator any more, i just wanted to make the quick and easy buck, i just wanted in. The Notorious BIG said it best: "Either you're slingin' crack-rock, or you've got a wicked jump-shot." Nobody wants to work for it anymore. There's no honor in taking that after school job at Mickey Dee's, honor's in the dollar, kid. So I went the white boy way of slinging crack-rock: I became a stock broker.

I had a very strong work ethic. The problem was my ethics in work."

"Boiler Room"

I've heard over and over again, that things have gotten so bad because good people did nothing. 20/20 had the story on about the corrupt "kids for cash" Pa. judges. Why did it go on for so long, thousands of kids impacted, because good people were complicit, looked the other way, didn't want to get involved. AIG may or may not have good people working for it, but for sure we know, none of them tried to stop the corruption. Where were the AIG whistle blowers? Where were the Wall Street whistle blowers?

Thank you for sharing your knowledge of the industry, and thanks to

3/29/2009 7:58 PM  
Anonymous Anonymous said...

And, a Big Amen to that.

3/30/2009 8:29 PM  
Anonymous Goldhorder said...

Lol. I buy an ounce of gold and a couple tubes of silver every month. Making my fortune the old fashioned way. Earning it then hiding it from the government and the mass hordes of parasites the government has produced in this country. You guys ain't seen nothing yet

3/30/2009 9:29 PM  
Anonymous Generic Viagra said...

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1/18/2011 1:09 PM  

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