Thursday, December 1, 2011

The Wall Street Derangement Scale

"Last week, I had a conversation with a man who runs his own trading firm. In the process of fuming about competition from Goldman Sachs, he said with resignation and exasperation: “The fact that they were bailed out and can borrow for free — It’s pretty sickening.”

"The financial industry has strayed far from being an intermediary between companies that want to raise capital so they can sell people things they want. Instead, it is a machine to enrich itself, fleecing customers and exacerbating inequality. When it goes off the rails, it impoverishes the rest of us. When the crises come, as they inevitably do, banks hold the economy hostage, warning that they will shoot us in the head if we don’t bail them out."

Even people on Wall Street are sick of what some firms and it's leaders are up to. They realize that the game is rigged for firms that have done nothing to earn a level playing field, much less one tilted in their favor. Jesse Eisinger fills us in:

Read more:       Wall Street Is Already Occupied    Jesse Eisinger